Pan Am Equities borrows $14M from People’s United Bank for 70-unit rental in Gramercy

Pan Am Equities through the entity 304 East 20th Street LLC as borrower signed a loan agreement with lender People’s United Bank, National Association valued at $14 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 70 residential units at 304 East 20th Street in Gramercy. The deal closed on September 16, 2020 and was recorded on October 7, 2020.
The property contains a total of 56,310 square feet of built space.
The average loan per unit is $200,000.
The borrower obtained $5.3 million in new debt. The last time the property sold was December 31, 2009, for $9,332,400.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link