South Bronx office building lands $85M refi

Developers recently repositioned former warehouse at East 141st Street

TRD New York /
Jan.January 07, 2020 11:30 AM
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)

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)

A trendy warehouse-to-office conversion in the South Bronx has landed an $85 million refinancing from LibreMax Capital, the developers announced on Tuesday.

Brad Domenico of Progress Capital brokered the deal for 825 East 141st Street, which is now known as Union Crossing. The Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management partnered to buy the building in 2016 for about $39 million, and they recently finished a $45 million renovation of the property that includes new elevators, new retail space on the ground floor and a roof deck.

The refinancing is a LIBOR floating-rate loan and will provide funding for continued renovations and leasing commissions.

Westhab, a nonprofit affordable housing developer, moved into the building as its first tenant last year. The building still has about 260,000 square feet of space to lease up, which Ellen Israel and Greg Smith of JRT Realty Group are handling.

Union Crossing is in the South Bronx’s Port Morris neighborhood, which has been at the forefront of the borough’s recent development boom. It is located on the other side of the neighborhood from Brookfield’s massive Bankside project on Lincoln and Third avenues, which will span 4.3 acres and include more than 1,350 apartments.


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
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

Maddd Equities, Joy Construction score $64M for massive Bronx project
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)

Vanderbilt mansion condo conversion in foreclosure

Vanderbilt mansion condo conversion in foreclosure
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)

Add office tenants to the list of those not paying rent

Add office tenants to the list of those not paying rent
1323 Boston Road, Jeff Fox (Credit: Google Maps)

Foxy Management plans another Bronx senior housing project

Foxy Management plans another Bronx senior housing project
Brian Harris, CEO of Ladder Capital (Credit: iStock)

“What, me worry?” Ladder Capital says it can easily meet margin calls

“What, me worry?” Ladder Capital says it can easily meet margin calls
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
arrow_forward_ios

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

Loading...