SBT Property borrows $21.6M from Greystone & Co. for 137-unit rental in Mott Haven

SBT Property through the entity 506 Tinton L.P. as borrower signed a loan agreement with lender Greystone Servicing Company LLC valued at $21.6 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 137 residential units at 506 Tinton Avenue, 514 Tinton Avenue, and 520 Tinton Avenue in Mott Haven. The deal closed on February 25, 2021 and was recorded on March 22, 2021.
The property contains a total of 37,614 square feet of built space. The property has 106,719 square feet of available development rights.
The average loan per unit is $157,372.
The last time the property sold was December 19, 2018 for $8,450,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $132,280.

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