Slate Property gets $17M construction loan from Signature Bank for property in Fordham

Slate Property Group through the entity Jerome Ave Development Company, LLC as borrower signed a loan agreement with lender Signature Bank valued at $17 million for 2 parcels, including the tax class unlicensed parking lot (G7) at 2308 Jerome Avenue, 2314 Jerome Avenue in Fordham. The deal closed on September 29, 2020 and was recorded on October 15, 2020.
The property contains a total of square feet of built space. The property has 10,000 square feet of available development rights.
The average loan per buildable square foot is $393.
This is a new construction loan. Of the total, $10.2 million is a building loan and $6.8 million is a land loan for the acquisition. No building plans have been filed.

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