Paul Baxter Lanius III borrows $15M from New York Community Bank for multifamily property in West Harlem

Paul Baxter Lanius III, as president, through the entity Terrace Apartments Building Company, Inc. as borrower signed a loan agreement with lender New York Community Bank valued at $14.5 million for 6 parcels, including the tax class multifamily, over six families without stores (C1) and containing 145 residential units at 379 West 127th Street, 375 West 127th Street, 1 St Nicholas Terrace, 5 St Nicholas Terrace, 545 West 150th Street, and others in West Harlem. The deal closed on January 10, 2020 and was recorded on January 30, 2020.
The properties have 113,580 square feet of available development rights.
The average loan per unit is $100,000.

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