The Real Deal New York

Taconic, Clarion land $115M refi for Bronx housing complex

The lender is Capital One
By Christian Bautista | September 07, 2018 02:15PM

Eastchester Heights in the Bronx (Credit: Taconic and Eastchester Heights)

Taconic Investment Partners and Clarion Partners landed a $115 million mortgage for Eastchester Heights, an apartment complex that occupies five city blocks in the Eastchester section of the Bronx.

The property, with the addresses 3437 Eastchester Road, 3485 Corsa Avenue, 1400 Hicks Street, 3444 Fish Avenue and 3438 Wilson Avenue, contain a series of low-rise buildings, ranging from four to six stories, that have 1,416 apartments, according to city data.

The loan replaces a $110 million Capital One mortgage from 2016. The new mortgage, also from the bank, includes $5 million in new financing.

Taconic and Clarion acquired the property for $133 million in 2007. The transaction marked Taconic’s entry into the affordable housing market.

The two firms recently expanded their partnership, announcing a workforce housing joint venture called Quality Communities. The firms recently acquired 12 rentals buildings in Fordham, Belmont and Concourse from Related Companies in a $71 million deal. The partners also revealed plans to spend as much as $400 million in acquisitions.

Taconic did not immediately respond to requests for comment.