Related ups debt by $18M to $45M from Wells Fargo for Bronx commercial

Related Companies through the entity RC Zerega Owner, LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $45.0 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 2345 Randall Avenue in Bronx. The deal closed on February 1, 2021 and was recorded on March 11, 2021.
The property contains a total of 137,699 square feet of built space.
The average loan per buildable square foot is $327.
The debt was increased by 50 percent, with $17.9 million in new debt. The signatory was Related’s President of Related Retail, Glenn Goldstein. The last time the property sold was July 15, 2008 for $29,000,000.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link