Stellar Management refis $9.4M with New York Community for 43-unit rental in Washington Heights

Stellar Management through the entity 700 W. 180th Street Associates Inc. as borrower signed a loan agreement with lender New York Community Bank valued at $9.4 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 43 residential units at 700 West 180th Street in Washington Heights. The deal closed on October 15, 2020 and was recorded on November 4, 2020.
The property contains a total of 67,838 square feet of built space.
The average loan per unit is $218,953.
The borrower obtained a $2.2 million gap loan.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,272,514.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link