Northeast Bank refis $7M loan for 36 rental units on the Upper East Side

Maria Armendariz through the entity 1418 Third Avenue LLC as borrower signed a loan agreement with lender Northeast Bank valued at $7 million for 4 parcels, including the tax class primarily five to six family with store or office (S5) and containing 36 residential units at 1410 Third Avenue, 1412 Third Avenue, 1416 Third Avenue, and 185 East 80th Street in the Upper East Side. The deal closed on November 13, 2020 and was recorded on November 20, 2020.
The property has 32,030 square feet of built space and available development rights.
The average loan per unit is $194,444.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $5,000.

Direct link to Acris document. link