Cheskel Schwimmer lands $65M construction loan for South Bronx project

Project consists of two 25-story towers at 210 East 135th Street

TRD New York /
Jun.June 26, 2019 02:30 PM
A rendering of 210 East 135th Street 

A rendering of 210 East 135th Street

Cheskel Schwimmer’s Chess Builders landed a $65 million construction loan from S3 Capital Partners for the second tower at its apartment/hotel project in the South Bronx.

The project at 210 East 135th Street will consist of two 25-story towers with 430 rental units, 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spots.

“We believe in the growing potential of the South Bronx,” S3 Capital Partners principal Joshua Crane said in a statement. “The continued activity from both private owners and large institutional developers makes the area very attractive for development and investment.”

A Meridian Capital Group team led by Isaac Filler brokered the transaction.

Schwimmer landed a $75 million construction loan from S3 Capital Partners for the development’s first tower late last year, so the project has received $140 million in total from the company. He purchased the vacant lots in 2015 for $15.47 million from Storage Deluxe.

The $75 million loan was for the first tower, and the $65 million loan was for the second tower, according to Crane. The loans were split up because Schwimmer did not want to accept money for the second tower until he had finished the structure for the first tower, Crane said.

The project is located near 2401 Third Avenue and 101 Lincoln Avenue, where Brookfield Property Partners is planning to build a massive seven-building apartment project with 1,300 units. They purchased the site last year from Somerset Partners and the Chetrit Group for $165 million.

S3 Capital Partners also lent Schwimmer’s son Jacob $42 million in 2017 to acquire and build his 136-unit rental project at Bushwick’s former Rheingold Brewery site. They recently lent $76 million to Sam Chang’s McSam Hotel Group to build a 180-key hotel at 292 Fifth Avenue as well.

Related Articles

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

23-10 Queens Plaza South, Gary Segal and Justin Ehrlich (Credit: Google Maps)

Dynamic Star CEO buys Queens Plaza site for $28M

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building