Peterson Capital borrows $14M from Arbor Realty Trust for multifamily property in Washington Heights

Douglas Peterson’s Peterson Capital through the entity 974 St Nick LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Commercial Funding I, LLC valued at $13.9 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 17 residential units at 974 St Nicholas Avenue in Washington Heights. The deal closed on December 27, 2019 and was recorded on February 3, 2020.
The property contains a total of 55,740 square feet of built space.
The average loan per unit is $820,000.
The last time the property sold was December 3, 2014, for $15,500,000. Peterson refinanced another property with Arbor last summer.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 17 residential (or hotel) units on August 31, 2012.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $197,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link