Trion Real Estate Management obtained financing of $14M from STARWOOD MORTGAGE CAPITAL

Trion Real Estate Management through the entity 48 ST. NICHOLAS INVESTOR GROUP LLC as borrower signed a loan agreement with lender STARWOOD MORTGAGE CAPITAL LLC valued at $13.9 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 41 residential units at 48 St Nicholas Place in Central Harlem. The deal closed on July 05, 2019 and was recorded on July 11, 2019.
The property contains a total of 59,470 square feet of built space. The property has 16,546 square feet of available development rights.
The average loan per unit is $337,805.
The last time the property sold was May 30, 2017, for $17,000,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $318,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link