SKF Development signs $15.2M construction loan with Valley National for development site in East Morrisania
SKF Development through the entity 1760 Boone Development LLC as borrower signed a new construction loan with lender Valley National Bank valued at $15.2 million for the development site (V1) at 1760 Boone Avenue in East Morrisania, Bronx.
The deal closed on December 9, 2021 and was recorded on December 23, 2021.
The loan was signed by an attorney, but previous property records have Ayush Kapahi, who is co-founder of HKS Capital Partners, as managing member of the owner entity.
The property has 0 square feet of built space and 52,296 square feet of additional air rights for a total buildable of 52,296 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $291 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for SKF Development was the attorney Robert J. Teitelbaum. The signatory for Valley National Bank was Richard A. Grani.
(220708401) Plans for a 77-unit, 50,225 square-foot R-2 were filed on June 26, 2019.
Ayush Kapahi is founder of HKS Capital Partners and is the ground lessee. The loan documents and other property documents reflect an 88 unit residential building, of which 18 are inclusionary housing units. The total construction costs are $21.8 million or $247,582 per unit, funded by a $15.2 million bank loan and $6.5 million in equity, according to the property records. Michael Noring of SKF Development is also listed as a developer. Patrick A. Connolly is the ground lessor.
Within a 400-foot radius of 1760 Boone Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Spaxel borrowed $9.9 million from Metropolitan Commerical Bank secured by the development site (V0) on 1745 West Farms Road on June 28, 2021.
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