Sima Associates LLC borrows $7M from Peapack-Gladstone Bank for rental property in Longwood Melrose

Sima Associates LLC as borrower signed a loan agreement with lender Peapack-Gladstone Bank valued at $6.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 72 residential units at 645 East 231st Street in Longwood Melrose. The deal closed on October 17, 2019 and was recorded on October 29, 2019.
The property contains a total of 67,224 square feet of built space.
The average loan per unit is $90,278.
The last time the property sold was December 4, 2013, for $6,600,000.

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