Farber Rosen Guides $61M Bronx Apartment Building Loan

Published on October 27, 2017, 11:31 am
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New York Community Bank has loaned $61.4 million for an apartment building on University Avenue in Bronx, a deal Farber Rosen & Kaufman PC worked on, according to records made public in New York on Friday.

The loan is for 2542 University Avenue, and the majority of the loan is a refinance of existing debt on the property. That $61.4 million figure also includes roughly $1.34 million in new financing for the property.

Farber Rosen’s name appears on a mortgage document filed on Friday, although it was not immediately clear which party the firm represented, and the law firm couldn’t be immediately reached for comment on Friday.

The borrower is UNI2542, LLC, which lists an address in Brooklyn. Contact information for the borrower was not immediately available on Friday.

The property is four blocks west of St. James Park, and close to the Kingsbridge Road and Fordham Road subway stations serving the 4 Line. The property is also close to the James J. Peter VA Medical Center.

The five-story property was built in 1922 and has 86 units, according to a listing for the building on Apartments.com.

The building includes 66 one-bedroom units that have an average of 650 square feet; 10 two-bedroom units that average 900 square feet; and 10 three-bedroom units that have an average of 1,100 square feet, according to Apartments.com.

Past listings on StreetEasy show a one-bedroom, one-bath unit listed for $1,350 in 2016, while a two-bedroom, one-bath in 2015 listed for $1,550 a month.

New York Community Bank couldn ot be immediately reached for comment on Friday.

The bank is a new lender to the property, which last received financing from JPMorgan Chase Bank NA in the summer of 2015, according to public records.

JPMorgan loaned just north of $5 million for the property in July of 2015, while Capital One NA had earlier made loans for the property, lending more than $15 million in 2015 and $16 million in 2013.

The property traded hands in 2015 for nearly $7 million. Eric Miller, a lawyer who lists the same address as the current borrower lists, worked on that purchase in 2015, according to public records.

Mortgage recording tax on the roughly $1.34 million in new capital is roughly $38,000. The remainder of the $61.4 million loan is not subject to mortgage recording tax.

Additional counsel information was not immediately available on Friday.

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