Prana Investments borrows $10M from ConnectOne Bank for acquisition of property in Central Harlem

Prana Investments through the entity 2570-2572 ACP Blvd LLC and others as borrower signed a loan agreement with lender ConnectOne Bank valued at $10.1 million for the acquisition of 6 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 105 residential units at 55 West 129th Street, 2570 Adam C Powell Blvd, 2572 Adam C Powell Blvd, 216 West 141st Street, 224 West 141st Street, and others in Central Harlem. The deal closed on April 14, 2020 and was recorded on April 24, 2020.

The average loan per unit is $96,476.
This is the financing for the purchase of a 105-unit portfolio.

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