Tahl Propp borrows $57.9M from Bellwether for property in Central Harlem

Tahl Propp Equities borrowed $57.9 million from Bellwether Enterprise Real Estate Capital for property in Central Harlem in two separate transactions.

In the first, Tahl Propp Equities through the entity MS TP4 Housing Development Fund Company, Inc. as borrower signed a loan agreement with lender Bellwether Enterprise Real Estate Capital through the entity Bellwether Enterprise Real Estate Capital, LLC valued at $36 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 142 residential units at 107 – 123 East 129th Street in Central Harlem. The deal closed on February 12, 2021 and was recorded on March 9, 2021.
The property contains a total of 106,332 square feet of built space.
The average loan per unit is $253,309.
Direct link to Acris document. link

In the second, Tahl Propp Equities through the entity Audubon Tp4 Housing Development Fund Company, Inc. as borrower signed a loan agreement with lender Bellwether Enterprise Real Estate Capital through the entity Bellwether Enterprise Real Estate Capital, LLC valued at $21.9 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 88 residential units at 2321 Adam Clayton Powell Blvd in Central Harlem. The deal closed on February 12, 2021 and was recorded on March 9, 2021.
The property contains a total of 94,680 square feet of built space.
The average loan per unit is $249,160.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $36,000.

Direct link to Acris document. link