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

The firms are working on buildings at 1159 and 1184 River Avenue

TRD New York /
Jul.July 02, 2019 11:00 AM
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

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

Maddd Equities and Joy Construction have landed a roughly $64 million construction loan from Wells Fargo for their massive affordable housing project in the Bronx, according to Joy Construction’s Eli Weiss.

The money will go towards the firms’ projects at 1159 and 1184 River Avenue.  The project at 1159 River Avenue will include 250 affordable housing units across 200,000 square feet with space for retail and parking, and the project at 1184 River Avenue will span about 548,000 square feet with 500 residential units, along with retail and community space.

The sites are located within the part of Jerome Avenue that the City Council recently voted to rezone, a move that aims to bring about 4,600 new units of housing to the city.

Wells Fargo did not respond to a request for comment.

Maddd and Joy also recently received a roughly $34 million recapitalization for their Downtown Newark project from Natixis and a $45 million construction loan from Bank Leumi USA for their hotel project at 305 West 48th Street in Hell’s Kitchen.

Cheskel Schwimmer recently landed a $65 million construction loan from S3 Capital Partners for his South Bronx project at 210 East 135th Street.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

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

Private developer’s NYCHA project in Mott Haven lands $79M in financing
An aerial of 1580 Story Avenue in the Bronx (Credit: Google Maps)

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx
1323 Boston Road, Jeff Fox (Credit: Google Maps)

Foxy Management plans another Bronx senior housing project

Foxy Management plans another Bronx senior housing project
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
From the top: 1600 Macombs Road, 625 Brook Avenue and 2082 Boston Road in the Bronx (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
1073 Summit Avenue in the Bronx and Stagg Group CEO Mark Stagg (Credit: Google Maps)

Stagg Group to build 105-apartment complex in Highbridge

Stagg Group to build 105-apartment complex in Highbridge
Rendering of La Central (Courtesy of FXCollaborative)

Here are the details on the next building in the Bronx’s La Central development

Here are the details on the next building in the Bronx’s La Central development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...