Tolentine Zeiser Community Life signs $7.9M refi loan with Sterling National Bank for rental in Highbridge

Tolentine Zeiser Community Life through the entity Sycamore Row, LLC as borrower signed a refi loan with lender Sterling National Bank through the entity Sterling National Bank valued at $7.9 million for the 92-unit rental (D1) at 1740 Grand Avenue in Highbridge, Bronx.
The deal closed on June 14, 2021 and was recorded on June 22, 2021.
The property has 107,477 square feet of built space and 0 square feet of additional air rights for a total buildable of 86,055 square feet according to PincusCo analysis of city data. The loan price per built square foot is $73 per the PincusCo analysis.
The signatory for Tolentine Zeiser Community Life was Sr. Margaret McDermott.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $114,200.
The owners according to the Department of Housing Preservation and Development includes Peter Bourbeau, head officer and Danilo Puntier, site manager. The business entities are Sycamore Birch Management Llc and Sycamore Row Llc.
Within a 400-foot radius of 1740 Grand Avenue, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on July 31, 2020 for a 14,696-square-foot R-2 building with 15 residential units residential units at 1760 Grand Avenue.
One of those two items was a loan which Aaron Parnes borrowed $5.6 million from New York Community Bank secured by the 64,594-square-foot, 69-unit rental (D7) on 109 West Tremont Avenue on March 25, 2021.

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