Urban American, and Madison International, borrow $19.6M from New York Community Bank for properties in Washington Heights

Urban American Management and Madison International Realty borrowed $19.6 million from New York Community Bank, secured by two properties in Washington Heights. These are the first loan documents recorded following Madison’s acquisition of a controlling interest in a 1,400-unit portfolio valued at $275 million. The documents represent the assignment of two loans from 2018 to the new ownership entity, now that Madison is a part owner.

In the first, Urban American Management and Madison International Realty through the entity 106 Fort Washington, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $9.9 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 69 residential units at 106 Ft Washington Avenue in Washington Heights. The deal closed on December 20, 2019 and was recorded on January 24, 2020.
The property contains a total of 71,166 square feet of built space. The property has 101,018 square feet of available development rights.
The average loan per unit is $143,158.
The last time the property sold was December 20, 2019, when Madison International Realty acquired a controlling stake in a portfolio of NYC and Westchester properties valued at $275 million. The property was valued at $13,300,000.

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 $438,026.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Urban American Management and Madison International Realty through the entity 50 Overlook Terrace, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $9.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 58 residential units at 50 Overlook Terrace in Washington Heights. The deal closed on December 20, 2019 and was recorded on January 24, 2020.
The property contains a total of 58,750 square feet of built space.
The average loan per unit is $167,047.
The last time the property sold was December 20, 2019, for $13,600,000.

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 $85,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link