Silverback borrows $13M from Emmes to buy garage in Longwood Melrose

Silverback Development through the entity SB Gerard Avenue, LLC as borrower signed a loan agreement with lender Emmes Asset Management Company through the entity 580 Gerard Lender LLC valued at $12.9 million for 1 parcel, including the tax class garage with two or more stories (G1) at 580 Gerard Avenue in Longwood Melrose. The deal closed on September 2, 2020 and was recorded on October 2, 2020.
The property contains a total of 30,345 square feet of built space. The property has 124,881 square feet of available development rights.
The average loan per buildable square foot is $103.
This is a purchase money mortgage. The seller, Emmes, is lending money to the buyer.

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 $134,675.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: The name was corrected from Silverback Acquisitions and Development to Silverback Development.