Jacob Schwimmer’s JCS Realty landed $165 million in fresh financing for One38, its mixed-use project in the Bronx.
Boston-based MF1 Capital took over the existing $105 million debt and provided a $60 million gap mortgage for 138 Bruckner Boulevard, according to property records. The loans replaced $105 million in construction financing from S3 Capital.
Schwimmer acquired a ground lease on the property from Montgomery Street Capital, which purchased the site for $55 million. The site is six blocks from the Brook Avenue 6 train.
Leasing is under way at the 579-unit building on the site of the former Zaro’s Bakery warehouse in Mott Haven. The lottery for the 135 affordable units at the 12-story rental building launched in the spring, according to New York YIMBY.
Nearby, Schwimmer also developed a 215-unit rental building at 276 Grand Concourse and a 55-unit rental building at 101 Bruckner Boulevard. He’s also planning a 200-unit building at 40 Bruckner Boulevard.
Mott Haven’s gritty warehouses and auto shops have given way to large residential projects in recent years. About 20 developments were expected to bring more than 5,000 new apartments to the neighborhood, the New York Times reported in 2021.
Jacob Schwimmer’s father, Cheskel Schwimmer of Chess Builders, developed a pair of 25-story towers with 430 apartments dubbed The Arches at 224-228 East 135th Street in Mott Haven.
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