Signature Bank provides $62m loan on Bronx apartments

The bank provided the loan to the Riverview Redevelopment Company and the Housing Partnership Development Corporation on the building at 1600 Sedgwick Avenue, property records show.

Signature Bank has provided a $61.5 million loan on the 383-unit Riverview Apartments building in the Morris Heights neighborhood in the Bronx, New York City’s northernmost borough.

Bronx, New York City
Bronx, New York City

The bank wrote the loan to the Riverview Redevelopment Company to refinance the building at 1600 Sedgwick Avenue, property records show. The five-year 3.375 percent loan includes a rate adjustment for an additional five years.

Last September, the bank provided the borrower with a $54 million loan that was paid off this month.

Since July 2014, the property has been leased to the non-profit Housing Partnership Development Corporation, which provides housing for low-income renters.

Located in the West Bronx, the property consists of a 25-story building with 2,044 sq ft of commercial space. Of the 383 units, 316 apartments are under a HAP (Housing Assistance Program) contract and 67 apartments are rent stabilized. Riverview purchased the property from Starrett Brothers and Eken Development Corporation in 1971, records show.

Last month Signature Bank provided $61.7 million to finance a commercial office building in the Garment District of Manhattan at 320 West 37th Street, and in January the bank completed its public offering of 2.2 million shares at $134.95 per share.

Signature Bank is a New York-based full-service commercial bank which had $34.9 billion in total assets as of March 31, 2016.

The bank and borrower did not respond to requests for comment in time for publication.