Simcha Applegrad borrows $7M from Arbor Realty Trust for multifamily property in Morrisania

Simcha Applegrad through the entity Franklin Ave Estates LLC as borrower signed a loan agreement with lender Arbor Realty Trust through its Arbor Commercial Funding I, LLC valued at $7.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 46 residential units at 564 East 166th Street in Morrisania. The deal closed on March 26, 2020 and was recorded on March 27, 2020.
The property contains a total of 68,306 square feet of built space.
The average loan per unit is $156,522.
The last time the property sold was August 25, 2015, for $7,750,000.

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