SDG Management refinances additional $32M from Signature Bank for rental property in Manhattan

SDG Management borrowed $31.96 million from Signature Bank to refinance multifamily property in Manhattan in three separate transactions.

SGD, through signatory Darin Goldstein, has modified nearly $220 million in loans in recent weeks with Signature. Earlier this week, Signature recorded $48.8 million and a day before $138 million in debt with SDG.

In the first transaction recorded yesterday, SDG Management through the entity 3890-98 Broadway Associates, L.L.C as borrower signed a loan agreement with lender Signature Bank valued at $14.7 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 39 residential units at 3890 Broadway in Washington Heights. The deal closed on June 4, 2020 and was recorded on June 11, 2020.
The property contains a total of 48,233 square feet of built space. The property has 60,123 square feet of available development rights.
The average loan per unit is $377,579.

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 $230,395.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second loan, SDG Management through the entity 162 Broadway Associates, L.L.C as borrower signed a loan agreement with lender Signature Bank valued at $9.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 38 residential units at 3875 Broadway in Washington Heights. The deal closed on June 4, 2020 and was recorded on June 11, 2020.
The property contains a total of 46,680 square feet of built space. The property has 58,795 square feet of available development rights.
The average loan per unit is $250,000.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $415,712.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third loan, SDG Management through the entity Two-Two-One Associates, L.P. as borrower signed a loan agreement with lender Signature Bank valued at $7.8 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 53 residential units at 225 West 105th Street in the Upper West Side. The deal closed on June 4, 2020 and was recorded on June 11, 2020.
The property contains a total of 27,465 square feet of built space. The property has 30,266 square feet of available development rights.
The average loan per unit is $146,226.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $368,575.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link