12 East 88th Street

12 East 88th Street

Upper East Side

Deal Type: Inventory Loan
Project Type: Condo
Location: Upper East Side
Investment Size: $88M
Property Size: 48K SF, 18 Units

LOAN OVERVIEW

The Sponsor acquired the site from St. Joseph’s Roman Catholic Church of Brooklyn in March 2018 and simultaneously entered into a 99-year ground lease. The project has all of its approvals and is zoned as of right. The Sponsor’s business plan is to construct an 88-unit, five-story Class B+ apartment complex and refinance the loan via traditional CRE lenders.

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