Seventh-day Adventist Church affiliate borrows $14.5M from Dime Community Bank for property in Inwood

The Seventh-day Adventist Church through the entity Northeast Education Development Corp. as borrower signed a loan agreement with lender Dime Community Bank valued at $14.5 million for 1 parcel, including the tax class schools or academies (W3) at 530 West 215th Street in Inwood. The deal closed on July 17, 2020 and was recorded on July 24, 2020.
The property contains a total of 60,180 square feet of built space. The property has 85,706 square feet of built space and available development rights.
The average loan per buildable square foot is $169.
This financing is secured by a credit line mortgage. The prior debt on the building was $1.9 million in bonds that was given in 1998 and paid off in 2019. The church bought the building in 1974. The Seventh-day Adventists Church is a Protestant Christian denomination formally established in 1863.

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