Bronx buildings to get much needed repairs

Two Bronx apartment buildings totaling 99 units with 1,631 housing code violations have received a $600,000 loan for emergency building repairs, Crain’s reported. The funds are coming from the Manhattan-based non-profit Housing Partnership Development Corp. The buildings are owned by Exact Capital, which purchased the notes for $3.5 million last year, after Sovereign Bank foreclosed on previous owner Alan Fein’s $5.4 million mortgage. Upon acquisition, Exact reached out to the Housing Partnership and the city for help in rehabilitating the rundown properties, and is nearing $20 million in construction financing from the New York City Department of Housing Preservation and Development. Eventually, Exact will have to finish a complete gut renovation of at least one of the buildings, and will need to install new roofs, windows, wiring, kitchens and bathrooms to help the building comply with city housing codes.