Bogopa Enterprises and Shorewood Real Estate Group have closed on a $130 million loan for a mixed-use development in the Bronx.
The project, called The 360, plans to bring 304 residential units to the Mott Haven neighborhood, along with retail space, according to a report from the Commercial Observer. The plans for the 13-story development call for 228 market-rate units, with another 76 set aside for affordable housing.
Already, the ground floor of the building has been pre-leased to grocery store food hall Food Bazaar, which will occupy 47,892 square feet of space. The 360 will also include amenities such as a fitness center, coworking spaces, bike storage, parking and a rooftop lounge.
The construction loan was provided by PCCP, with JLL's Nicco Lupo and Lauren Kaufman arranging the deal.
With construction expected to finish in 2028, Larry Davis, president and CEO of Shorewood, told the CO that the project will bring "much-needed" housing and retail to Mott Haven.
"The 360 generated strong interest from lenders who recognized the compelling combination of a best-in-class sponsorship, a differentiated grocery-anchored residential concept and the continued evolution of Mott Haven," Kaufman added in remarks to the news outlet.
In a recent report from Zumper, New York was overtaken by San Francisco as the most expensive city for a two-bedroom rental, with rents in the California metro category surging to $5,120. That amount is $50 higher than NYC's. However, NYC still leads in one-bedroom units, with rents coming in at $4,250.
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