NYC Housing Development Corporation Provides $66.9M Construction Loan For Tremont Development Site

A development site located at 1840 Belmont Avenue in Tremont has been involved in a recent closed transaction. The property, which has a building square footage (BSF) of 106,890, was part of a deal facilitated by Mastermind Development, acting as the landlord, and the NYC Housing Development Corporation, serving as the lender. The transaction involved a construction loan amounting to $66,900,000.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $66,900,000
• Address: 1840 Belmont Avenue
• Market: Tremont
• BSF: 106,890
• Lender: NYC Housing Development Corporation
• Landlord: Mastermind Development

The NYC Housing Development Corporation provided the construction loan for this project, further contributing to the development of the property. Both Mastermind Development and the NYC Housing Development Corporation played essential roles in the transaction, ensuring its successful completion.