Phoenix House borrows $17M from Silver Point Finance for property in Long Island City

Phoenix House through the entity Phoenix House Parkside, LLC as borrower signed a loan agreement with lender Silver Point Finance through the entity Silver Point Finance, LLC valued at $16.5 million for 4 parcels, including the tax class miscellaneous institutional (I9) at 34-25 Vernon Boulevard, 34-11 Vernon Boulevard, 34-01 Vernon Boulevard, 34-14 9th Street in Long Island City. The deal closed on April 28, 2020 and was recorded on May 6, 2020.
The property has 81,789 square feet of available development rights.
The average loan per buildable square foot is $202.
Phoenix House is a substance abuse recovery nonprofit.

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 $265,072.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link