Bronx Mixed-Use Development Receives $140M Financing
- Jun 28, 2019
A mixed-use project being developed by Chess Builders in the Mott Haven section of the South Bronx has obtained a $140 million construction loan, the largest financing originated for that area of the borough. Provided by S3 Capital Partners, the loan will propel the building of two- 25-story towers that will offer 430 rental units, of which 129 will be affordable. In addition, the towers will feature 24 hotel rooms, 5,000 square feet of commercial space and parking spaces for 210 vehicles.
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Cheskel Schwimmer of Chess Builders has been a successful New York City-area developer for more than two decades. Among the projects developed by Schwimmer are 561 Flushing Avenue, 616 Bedford Avenue, 102-108 South 8th Street, 407 Berry Street, 563 Flushing Avenue, 50-09 2nd Street, 342 East 112th Street, 410 East 120th Street and 601 Ocean Parkway.
The South Bronx was a logical next step for the developer, who has completed a number of successful projects in Long Island City and Brooklyn. The borough is the site of a number of new developments, including the recently announced 1080 Washington Ave. project developed by affordable housing developer Bronx Pro Group.
Location near public transit
Benefiting from both its comparatively affordable rental prices and its proximity to Manhattan, Mott Haven is regarded among the hottest markets in New York City’s five boroughs.
Stops on the 4, 5 and 6 subway lines are just four blocks from the property. Bruckner Boulevard, the prominent shopping, dining and nightlife corridor, is only one block from the project and Yankee Stadium is a short drive away. Residents will have easy access to St. Mary’s Park, the BronxArtSpace, the South Bronx Farmers Market and other popular area gathering spots.
A subsidiary of Spruce Capital Partners, S3 Capital Partners is among the New York City metropolitan area’s most active bridge and construction lenders, having closed more than $1.5 billion across more than 300 loans since 2014.