Prana Investments borrows $8M from Signature Bank for rental property purchase in Washington Heights

Prana Investments through the entity 1312-1322 Riverside Drive LLC as borrower signed a loan agreement with lender Signature Bank valued at $7.6 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 64 residential units at 1314 Riverside Drive in Washington Heights. The deal closed on March 11, 2020 and was recorded on March 16, 2020.
The property contains a total of 41,310 square feet of built space. The property has 49,504 square feet of available development rights.
The average loan per unit is $118,750.
This is an acquisition loan.

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