Related Companies signs $18M refi loan with KeyBank for 126-unit rental in Inwood

Related Companies through the entity Caroline Apartments Preservation, L.P. as borrower signed a refi loan with lender KeyBank valued at $18 million for two properties with 126 residential units including the 126-unit residential elevator building (D7) at 210 Sherman Avenue in Inwood, Manhattan and property at 546 West 207th Street in Inwood, Manhattan.
The deal closed on June 8, 2023 and was recorded on July 3, 2023. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $16.9 million.
The two properties have 135,513 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $132 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Related Companies was Matthew Finkle. The signatory for KeyBank was Lisa Owens.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 210 Sherman Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Matthew Finkle, head officer and Sabrina Dolla, officer. The business entity is Caroline Apartment Preservation. Out of the two properties, one with a total of 135,513 square feet of built space generated revenue of $3.5 million per year.

The property

The residential elevator building with 126 residential units in Inwood has 135,513 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 150 feet deep with a total lot size of 22,500 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $18.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, three housing violations, and $14,935 in OATH penalties in the last year.


For the tax lot buildings, two out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 210 Sherman Avenue, PincusCo has identified the owners of six of the 14 commercial properties representing 257,641 square feet of the 471,750 square feet. The largest owner is Sandra Dugoff, followed by Robert Farhadian and then Related Companies.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 471,750 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Related Companies owned at least 178 commercial properties with 9,571 residential units in New York City with 21,405,438 square feet and a city-determined market value of $6 billion. (Market value is typically about 50% of actual value.) The portfolio has $4.7 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Deutsche Bank respectively. Within the portfolio, the bulk, or 45 percent of the 21,405,438 square feet of built space are elevator properties, with office properties next occupying 30 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

Direct link to Acris document. link

Share this article