Signature Bank Lends $80M on East Harlem Affordable Housing
Metropolitan Realty Group, a Great Neck-based owner and manager of affordable housing in the New York area, took out an $80 million mortgage from Signature Bank on an East Harlem property, records filed with the city yesterday show.
The five-year loan backed by 21/23 East 107th Street had a fixed-rate of 3.5 percent, Signature’s Executive Vice President George Klett told Mortgage Observer. The loan also has two five-year extension options.
The complex, called Villa Hermosa, sits between Fifth and Madison Avenues. The six-story, 272-unit building has one-, two- and three-bedroom apartments.
Mr. Klett said that the borrower was a longstanding client that is “highly experienced,” with this type of asset. The building is not being renovated, however.
“They are holding it; they’ve already made a lot of renovations and have a long waiting list,” at the building, Mr. Klett said of Metropolitan Realty.
A call to the owner was not returned.