Prana Investments obtained financing of $22M from ConnectOne Bank

Prana Investments through the entity 1065 Gerard Ave. LLC as borrower signed a loan agreement with lender Connectone Bank valued at $22.1 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 252 residential units at 1065 Gerard Avenue, 1075 Gerard Avenue in Longwood Melrose. The deal closed on June 25, 2019 and was recorded on July 19, 2019.
The property contains a total of 564,984 square feet of built space. The property has 371,436 square feet of available development rights.
The average loan per unit is $87,698.
The last time the property sold was June 25, 2019, for $15,847,500.

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

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