OCS Builders signs $17.65M construction loan with Sterling National for project in Riverdale

OCS Builders Group through the entity Marion Creston Housing Development Fund as borrower signed a new construction loan with lender Sterling National Bank through the entity Marion Developer LLC valued at $17.65 million for two properties including 2997 Marion Avenue in Riverdale, Bronx.
The deal closed on June 29, 2021 and was recorded on July 16, 2021.
The two properties have 5,242 square feet of built space and 36,851 square feet of additional air rights for a total buildable of 42,085 square feet according to PincusCo analysis of city data. The loan price per built square foot is $3,678 and the price per buildable square foot is $458 per the PincusCo analysis.
The signatory for OCS Builders Group was Joshua Scher.
(220676757) Plans for a 18-unit, 12,762 square-foot R-2 were filed on November 8, 2018.
OCS Builders Group is the developer behind the Marion Creston Apartments, a new affordable housing project.

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