UTA of Kiryas Yoel MonDroe Shelling out $6 Million for a Office Building with no Tenants in Place.

Kiryas Yoel MonDroe - A five-story building 65,000-square-foot structure, is in the early stages of construction, on Bakertown Rd in front of the sewage treatment plant, for offices and stores.

But the project was on hold till now because no banks would lend money for the work without tenants in place, then community leaders got a $6 million loan from Kiryas Yoel's religious school system - the United Talmudical Academy (UTA).
The deal generated roughly $2.7 million to start construction, which could total $6 million to $6.5 million, they plan to borrow the rest after lining up the tenants.
And who are the sponsors Officially, it's the United Talmudical Academy, which now owns, through two shell corporations, both the shopping center and the 2 acres where the business center is being build.