Sugar Hill Capital signs $11.8M refi with Signature for rental in Inwood

Sugar Hill Capital Partners through the entity 254 Seaman Residences, LLC as borrower signed a refi loan with lender Signature Bank valued at $11.8 million for the 60-unit rental (D1) at 254 Seaman Avenue in Inwood, Manhattan.
The deal closed on September 20, 2021 and was recorded on October 1, 2021.
The property has 54,261 square feet of built space and 272 square feet of additional air rights for a total buildable of 54,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $216 and the price per buildable square foot is $215 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 October 20, 2016, for $17.7 million.
The signatory for Sugar Hill Capital Partners was Jeremy Salzberg.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $2.1 million.
The owners according to the Department of Housing Preservation and Development includes David Schorr, head officer and Fiorella Selios, officer. The business entity is 254 Seaman Residences, Llc.

Within a 400-foot radius of 254 Seaman Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on July 30, 2020 for a 50,112-square-foot A-4 building at 603 West 218th Street.
Of those three items, two were loans above $5 million totaling $35.5 million. The most recent of the two was EastGold Holdings which borrowed $23 million from Sterling National Bank secured by the 124,174-square-foot, 43-unit rental (D1) on 558 West 218th Street and three other properties on April 29, 2021.

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