Yisroel Thaler borrows $12.8M from Northeast Community Bank for 51-unit development in University Heights

Yisroel Thaler through the entity 2660 Kingsbridge Residence Place LLC as borrower signed a loan agreement with lender Northeast Community Bank valued at $12.8 million for a new 51-unit development at 2660 Kingsbridge Terrace in University Heights. The deal closed on March 9, 2020 and was recorded on August 19, 2020.

The financing has an $11.5 million subordinate building loan and a $1.3 million loan. The last time the property sold was May 20, 2019, for $495,000. There was no prior debt.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 31,961 square feet. Those plans include a total of 51 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
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