Seton Education Partners borrows $11M from Civic Builders for property in University Heights

Seton Education Partners as borrower signed a loan agreement with lender Civic Builders through the entity Unitranche Capital Fund LLC valued at $11.2 million for 1 parcel, including the tax class church, synagogue, chapel (M1) at 2342 Andrews Avenue North in University Heights. The deal closed on January 10, 2020 and was recorded on June 23, 2020.
The property contains a total of 70,523 square feet of built space. The property has 230,653 square feet of available development rights, according to a review of public data by PincusCo.
The average loan per buildable square foot is $48.
Seton is a charter school company and is opening the Brilla Caritas Elementary school in the building, formerly a Catholic school. Civic Builders builds and finances charter schools.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 28, 2013.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,900,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $200,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link