Progress Capital Arranges $85 Million Loan for Bronx Mixed-Use Building
Brad Domenico, Partner at Progress Capital arranged an $85,000,000 loan to refinance 825 East 141st Street located in the Port Morris section of the Bronx.
Originally constructed in 1916, the building once served as a major baking facility for the Great Atlantic & Pacific Tea Company, also known as A&P and later became the world’s largest warehouse and rebuilding facility for food processing equipment for Union Standard Equipment Company. The building was purchased in partnership by the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management who recently finished a $45 million renovation on the building to include new mechanicals, new elevators, new ground floor retail space, office space, industrial space with private parking, a roof deck and a penthouse with 20-foot ceilings. Today, the building is now known as ‘Union Crossing’. The property welcomed its first tenant, Westhab, which currently occupies 8,233 SF of space used for their executive offices and a job training center. Westhab is a non-profit organization that develops quality affordable housing and provides youth programs and employment services. Approximately 260,000 SF of space remains available for lease. The leasing brokers for the property are Ellen Israel and Greg Smith of JRT Realty Group.
Union Crossing is conveniently located two blocks from the number 6 train and the Bruckner Expressway. Access to connective rail lines drove the early development of the Port Morris waterfront around the turn of the 20th Century and major transportation arteries continue to define the neighborhood today.
Domenico negotiated a LIBOR floating loan to replace the construction loan and provide necessary funds to allow for tenant improvements and leasing commissions during lease up. LibreMax Capital, a New York based asset management firm, provided the debt.
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress