Timber Equities borrows $17.5M from Bank Hapoalim for 55-unit development in University Heights

Timber Equities through the entity 2395 Palisade Lp as borrower signed a loan agreement with lender Bank Hapoalim B.M. valued at $17.5 million for a 55-unit development project at 2395 Palisade Avenue in University Heights. The deal closed on August 11, 2020 and was recorded on August 19, 2020.

Timber is developing a 55-unit residential building at the site. The last time the property sold was January 29, 2020, for $2,082,335.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 37,649 square feet. Those plans include a total of 55 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 7 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link