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

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

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

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

An aerial of 1580 Story Avenue in the Bronx (Credit: Google Maps)

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx

Rendering of La Central (Courtesy of FXCollaborative)

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

Mayor Bill de Blasio and City Council Speaker Corey Johnson with an aerial of 320 Concord Avenue, the site of the jail project (Credit: Getty Images, Google Maps)

Housing complex takes South Bronx jail project to court

NYCFC is close to a deal for its own stadium (Credit: Getty Images)

Maddd Equities, NYCFC nearing deal for Bronx stadium

Rafael Salamanca and the Bronx (Credit: Getty Images, iStock)

Bronx councilman snuffs out another de Blasio rezoning

Union Crossing at 825 East 141st Street with The Bluestone Group's Eli Tabak and Madison Realty Capital's Josh Zegen (Credit: Union Crossing Bronx)

South Bronx office building lands $85M refi