Stellar Management borrows $29.5M from BankUnited for 191 units

Stellar Management through the entity Stellar West 110 LLC (and others) as borrower signed a loan agreement with lender BankUnited valued at $29.5 million for 4 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 191 residential units at 1020 Amsterdam Avenue, Sedgwick Avenue, 1655 Undercliff Avenue, Sedgwick Avenue in Morningside Heights. The deal closed on July 2, 2020 and was recorded on October 21, 2020.
The property has 281,364 square feet of built space and available development rights.
The average loan per unit is $154,285.
The loan includes two vacant parcels fronting along Sedgwick Avenue.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $319,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $2,026,194.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link