Shorewood JV Lines Up $130M for Bronx Project
The community is slated to come online in two years.
Shorewood Real Estate Group and Bogopa Enterprises have obtained a $130 million construction loan from PCCP to develop The 360, a 304-unit project in The Bronx, N.Y.
JLL Capital Markets arranged the financing with a team led by Managing Director Lauren Kaufman and Senior Director Nicco Lupo.
Upon completion in 2028, the 13-story community will comprise 47,892 square feet of ground-floor retail, fully leased to Food Bazaar, as well as coworking spaces, a rooftop lounge and gym, among other features.
The 360 will also encompass 76 affordable units, in alignment with the 485-x program, which provides tax exemption and, in exchange, developers set aside 25 percent of a project’s apartments as affordable. Apartments will be reserved for households earning up to 60 percent of the area median income.
Additional incentives include the FRESH certification, which provides zoning incentives for projects with qualifying grocery stores, as well as the brownfield cleanup program, which may offer tax credits and technical oversight for developers.
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Carrying the address 350 Grand Concourse, the project will rise in the South Bronx neighborhood of Mott Haven, which benefits from the Manhattan spillover effect. The area has witnessed an increase in multifamily construction and investment in recent years.
South Bronx development takes off
Just last year, Beitel Group obtained a $305 million construction note from SCALE Lending for a project encompassing 755 units across two towers at 355 Exterior St., also in Mott Haven. In 2024, the same developer and lender shook hands on another $135 million loan, that time for a 405-unit project at 261 and 315 Grand Concourse, even closer to The 360.
Another notable project in the South Bronx is spearheaded by BRP Cos., Hudson Cos., ELH-TKC, Breaking Ground, JP Morgan, Comunilife and New York City. Last year, the partnership kicked off construction on the second and last phase of La Central, a mixed-use project set to include north of 1,000 units upon completion in 2028.
