Bronx Mixed-Use Property Scores $85M Refinancing
The $85 million LIBOR floating loan will replace the existing construction loan and provide needed funds for tenant improvements and leasing commissions during lease-up.
NEW YORK CITY – A partnership including the Bluestone Group, Altmark Group, Madison Realty Capital and Galil Management have secured an $85 million loan to refinance 825 East 141st St., a mixed-use property dubbed Union Crossing in the Port Morris section of the Bronx. Progress Capital arranged the financing.
The $85 million LIBOR floating loan will replace the existing construction loan and provide needed funds for tenant improvements and leasing commissions during lease-up. LibreMax Capital, a New York-based asset management firm, provided the debt, according to Brad Domenico, partner at Progress Capital who arranged the financing.
The property welcomed its first tenant Westhab, a non-profit organization that develops quality affordable housing and provides youth programs and employment services, in Q4 of 2019. The organization occupies 8,233 square feet of space for its executive offices and a job training center. Approximately 260,000 square feet remains available for lease.
Originally constructed in 1916, the building was once a major baking facility for the Great Atlantic & Pacific Tea Company, and later became the world’s largest warehouse and rebuilding facility for food processing equipment for Union Standard Equipment Company. Access to connective rail lines, which drove the early development of the Port Morris waterfront and major transportation arteries continue to define the neighborhood today. Union Crossing is located two blocks from the number 6 train and the Bruckner Expressway.