Alpert Family Secures $24.5M Loan For Development Site At 1516 Park Avenue In Harlem

The development site located at 1516 Park Avenue in Harlem was involved in a closed property transaction. The borrower, Alpert Family, secured a loan amount of $24,500,000 from Centennial Bank. The loan rate was set at 30 Day Libor + 475. The plans for the site included a 60-unit multi-family residential development, along with 6,500 square feet of retail space under the FRESH program. Additionally, there was a provision for 400 square feet of community space.

Summary of Transaction Details

• Property Type: Development Site
• Transaction Amount: $24,500,000
• Address: 1516 Park Avenue, Harlem
• Borrower: Alpert Family
• Lender: Centennial Bank

Michael Chelala, the Director of Originations at , played a critical role as the broker in this transaction. His expertise and negotiation skills facilitated the deal between the borrower and the lender.