Restoring Communities Housing Development Fund obtained financing of $19M from City Of New York

Restoring Communities Housing Development Fund as borrower signed a loan agreement with lender City Of New York valued at $19.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 18 residential units at 3601 Broadway in Hamilton Heights. The deal closed on July 02, 2019 and was recorded on July 22, 2019.
The property contains a total of 19,258 square feet of built space. The property has 1,856 square feet of available development rights.
The average loan per unit is $1,082,017.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,128,600. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link