SKF Development signs $28M refi for newly built 92-unit rental in Williamsbridge
829 Tilden Street (Credit - Google)
SKF Development through the entity BPMC Tilden, LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $28 million for the 92-unit residential elevator building (D7) at 829 Tilden Street in Williamsbridge, Bronx.
The deal closed on July 27, 2022 and was recorded on August 16, 2022. The prior lender was Popular Bank which held debt that had an original loan amount of $14.4 million. The property has 68,567 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $408 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 owner bought the property on December 6, 2019, for $4.2 million. The signatory for SKF Development was Robert J. Teitelbaum. The signatory for Metropolitan Commercial Bank was Jay Shah and Ross Dahmen.
The property
The 829 Tilden Street parcel has frontage of 34 feet and is 209 feet deep with a total lot size of 21,078 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million. The most recent loan totaled $14.4 million and was provided by Popular Bank on August 26, 2020.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $5,525 in ECB penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 102,198 square feet of the 104,754 square feet. The largest owner is Stagg Group, followed by SKF Development and then Garten Matthew.
There is one active new building construction project totaling 62,620 square feet. It is a 92-unit, 62,620-square-foot R-2 building developed by Kim Tasher with plans filed December 3, 2018 and permitted November 1, 2019.
The majority, or 92 percent of the 104,754 square feet of built space are elevator buildings, with walkup buildings next occupying 5 percent of the space.
The borrower
The PincusCo database currently indicates that SKF Development owned at least 11 commercial properties in New York City with 337,547 square feet and a city-determined market value of $34.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 337,547 square feet of built space are elevator properties, with rental condo properties next occupying 20 percent of the space. They are all located in Bronx.
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