Bronx Multifamily Acquisition Funded With $61.5M Signature Loan
Cathy Cunningham April 27, 2016, 2:55 p.m.
Signature Bank has provided a $61.5 million loan to FBE Limited for the acquisition of 1600 Sedgwick Avenue, a 25-story multifamily building in the Bronx, according to a source with intimate knowledge of the transaction.
The fee and leasehold mortgagors, listed in public records, are Riverview Development Company and HP Riverview Housing Development Fund Company, respectively. The $61.5 million loan has a fixed rate of 3.375 percent for five years and a rate adjustment for an additional five years, the source told Commercial Observer.
The property, also referred to as Riverview House, is located in the Morris Heights area of the Bronx. It is comprised of 383 apartments, 316 of which are rent-assisted under a Housing Assistance Program contract. The remaining 67 apartments are rent-stabilized.
According to public records, Riverview Equity Group, a subsidiary of Spencer Equity Group, was the seller of the apartment complex. Signature Bank also provided Riverview Equity Group with a $54 million mortgage on August 19, 2015, according to public records.
Representatives for FBE Limited and Signature Bank declined to comment. Officials at Riverview Equity Group and Spencer Equity Group could not be immediately be reached for comment.