The Bridge borrows $11M from CPC for rental in Morrisania

The Bridge through 1228 Washington Avenue Housing Development Fund Co. as borrower signed a loan agreement with lender Community Preservation Corporation through CPC Funding SPE 1 LLC valued at $11 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 50 residential units at 1228 Washington Avenue in Morrisania. The deal closed on November 18, 2020 and was recorded on December 2, 2020.
The property contains a total of 34,957 square feet of built space.
The average loan per unit is $259,445.
The last time the property sold was December 5, 2017 for $975,000.
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 has been one new building permit application Those plans include a total of 50 residential units.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link