Workforce Housing Group borrows $12M from National Equity Fund for multifamily property in Jamaica

Workforce Housing Group through the entity Wfha St. Albans LLC as borrower signed a loan agreement with lender National Equity Fund through the entity NYC Distressed Multifamily Housing Fund II Lp valued at $11.6 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 77 residential units at 114-05 170th Street in Jamaica. The deal closed on October 29, 2019 and was recorded on November 14, 2019.
The property contains a total of 57,006 square feet of built space.
The average loan per unit is $150,823.
Workforce Housing Group purchased the property for $11.2 million at the same time as the loan.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $55,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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