Shapour Sohayegh and Edward Khalil borrow $10M from Iberiabank for newly built multifamily in Riverdale

Shapour Sohayegh and Edward Khalil through the entity Webster 204 Realty, LLC as borrower signed a loan agreement with lender Iberiabank valued at $10 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 33 residential units at 390 East 204th Street in Riverdale. The deal closed on June 10, 2020 and was recorded on June 19, 2020.
The property contains a total of 35,082 square feet of built space.
The average loan per unit is $303,030.
The financing includes $3.1 million in new debt in a gap loan.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 33 residential (or hotel) units on May 6, 2020.
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 3 renovation/alteration projects (A2) applied for with a total estimated value of $130,000. There has been one new building permit application totaling 28,929 square feet. Those plans include a total of 33 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link