Provident Management obtained financing of $5M from First Republic Bank

Provident Management through the entity 175-177 East Third Associates, L.P. as borrower signed a loan agreement with lender First Republic Bank valued at $5.0 million for 2 parcels, including the tax class multifamily, old law tenements (C4) and containing 18 residential units at 177 East 3 Street, 175 East 3 Street in East Village. The deal closed on August 09, 2019 and was recorded on August 29, 2019.
The property contains a total of 6,636 square feet of built space. The property has 5,569 square feet of available development rights.
The average loan per unit is $277,778.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $59,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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