Stellar Management borrows $19M from New York Community Bank for property in Bronx

Stellar Management through the entity Stellar Bruckner LLC as borrower signed a loan agreement with lender New York Community Bank valued at $18.7 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 209 residential units at 950 Underhill Avenue in Bronx. The deal closed on August 27, 2019 and was recorded on October 1, 2019.
The property contains a total of 216,650 square feet of built space. The property has 4,561 square feet of available development rights.
The average loan per unit is $89,462.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $214,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link