Trending

Related secures $77M loan for its 20-building Bronx portfolio

Package was the borough's largest multifamily deal in 2015

Stephen Ross and 4002-4004 Carpenter Avenue in the Bronx
Stephen Ross and 4002-4004 Carpenter Avenue in the Bronx

The Related Cos., in partnership with New York City pension funds, secured $77 million in financing from New York Community Bank for the acquisition of a 20-building Bronx portfolio.

In the largest deal to change hands in the borough last year, Related and the pension funds purchased the portfolio for $112.5 million from Eastern Capital Partners, a group of private Brooklyn Heights-based investors, in December, as The Real Deal reported. 

The portfolio contains 737 apartments spread throughout the North, West and South Bronx, and Related and the city pension funds intend to preserve the units in the long term as workforce housing. The buildings — largely low-rise walkups with rent-stabilized units — are in a mix of working class and middle-class neighborhoods such as Soundview, Wakefield, High Bridge and Fordham.

Sign Up for the undefined Newsletter

The financing includes a $26.1 million loan modification and extension, which includes the unpaid principal of the first mortgage of $13.4 million and a new one of almost $12.8 million, according to the New York Observer.

Addresses in the portfolio include 4002-4004 Carpenter Avenue, 1085-1095 Colgate Avenue, 2608 Creston Avenue and 1065 Jerome Avenue.

Related, the development giant behind the Hudson Yards megaproject, has upped its multifamily moves. In 2014, Related and the city pension funds acquired 35 rental buildings from Stanley Wasserman’s SW Management for $270 million. [NYO]Dusica Sue Malesevic

Recommended For You