Full Spectrum of NY LLC, a developer specializing in mixed-use and mixed-income green buildings in emerging urban markets with a main focus on Harlem, has obtained a $6.5 million commercial mortgage-backed securities loan from UBS to refinance a previous loan on a condo at 1400 Fifth Avenue.
The 10-year loan has a fixed rate of 5 percent, Carlton Arrendell, who is responsible for managing institutional real estate equity and debt relationships for Full Spectrum, confirmed to The Mortgage Observer.
Completed in 2004, 1400 Fifth Avenue consists of 129 condo residential units and seven commercial spaces. “It is one of the first geothermal systems for heating and cooling a residential building in New York,” said Mr. Arrendell. Located between 115th and 116th Streets, the building is in an area that is going through a “Harlem Renaissance,” according to Mr. Arrendell. On the same block, he pointed out, the $21 million film screening room, performance space and restaurant My Image Studio is set to open in early November.
Among the tenants of 1400 Fifth Avenue are the fitness center New York Sports Club, the bar/lounge Bleu Violin and the dog day care and training facility Doggedly Devoted. The building is 100 percent occupied, according to public records.