Pennrose obtained financing of $111M from New York State Housing Finance Agency and NYCHA

Pennrose through the entity Bushwick Gardens I LLC as borrower signed a loan agreement with lender New York State Housing Finance Agency and NYCHA through the entity New York City Housing Authority valued at $111.5 million for 11 parcels, including the tax class multifamily, over six families without stores (C1) and containing 372 residential units at 580 Central Avenue, 605 Evergreen Avenue, 615 Evergreen Avenue, 690 Evergreen Avenue, 670 Evergreen Avenue, and others in Bushwick. The deal closed on July 18, 2019 and was recorded on August 05, 2019.
The property contains a total of 1,094,471 square feet of built space. The property has 772,001 square feet of available development rights.
The average loan per unit is $299,656.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,001,033.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
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