Scott Morgan’s Morgan Group borrows $77M from Morgan Stanley Bank for multifamily property in Bronx

Scott Morgan’s Morgan Group through the entity Lynsey Associates LLC D as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $77.0 million for 10 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 535 residential units at 1230 Teller Avenue, 1916 Grand Concourse, 176 East 176th Street, 2103 Grand Concourse, 1210 Sherman Avenue, and others in Bronx. The deal closed on November 22, 2019 and was recorded on February 3, 2020.
The properties combined have 655,271 square feet of available development rights.
The average loan per unit is $143,925.

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