Tahl Propp Equities borrows $40M from Bellwether for 108-unit rental in East Harlem

Tahl Propp Equities through the entity LEX Gardens TP4 LLC as borrower signed a loan agreement with lender Bellwether Enterprise Real Estate Capital valued at $40 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 108 residential units at 127 East 107th Street in East Harlem. The deal closed on February 12, 2021 and was recorded on March 17, 2021.
The property contains a total of 138,575 square feet of built space. The property has 138,575 square feet of available development rights.
The average loan per unit is $370,538.

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 $175,000.

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