Settlement Housing borrows $11.3M from NYC for 60-unit rental in Tremont

Settlement Housing Fund through the entity 1414 Walton, LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $11.3 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 60 residential units at 1416 Walton Avenue in Tremont. The deal closed on October 5, 2020 and was recorded on October 16, 2020.
The property contains a total of 43,170 square feet of built space. The property has 32,125 square feet of available development rights.
The average loan per unit is $188,008.
The last time the property sold was June 6, 2019, for $7,935,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $302,855.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link