Meridian Capital Group arranged $18.85 million in acquisition financing for the CSX site within the Fordham Landing assemblage in the Bronx.
The 12-month bridge loan was negotiated on behalf of Gary Segal of Dynamic Star by Meridian senior managing director Ronnie Levine, Thomas Wayda, Shamir Seidman and Shlomo Weissberg, who are all based in the company’s New York City headquarters.
Located at 2475 Exterior Street along the Harlem River, the 495,000 s/f site is part of the five-parcel assemblage that will be redeveloped into Fordham Landing, a planned $3.5 billion mixed-use community.
It will contain 3,248 mixed-use and affordable residential units, student housing, a public school, a life sciences research center, and retail and commercial space. The project also encompasses the enlargement and modernization of the Metro North station at West Fordham Road.
“This was a highly complex deal with many facets. The loan proceeds will be used to facilitate the acquisition of the CSX site and fund interest, carry, and closing costs,” said Levine. “Our next step is to pair Dynamic Star with a strong equity partner who will able to take advantage of significant tax benefits as some of the assemblage falls within an Opportunity Zone. Dynamic Star has successfully closed on the scrapyard parcel, as well as the La Salle piece and is now moving forward with their work with City planning to make this dream a reality.”
Fordham Landing is intended to become a major new economic engine for the Bronx and for New York City.
Comprising approximately 40 acres of mostly vacant land between the Harlem River and the Major Deegan Expressway, the development addresses demand for waterfront access, convenience to public transport, high-quality residences, and student housing. Local institutions include Bronx Community College, Fordham University, Lehman College, Manhattan College, and Monroe College.
Additional demand centers on the need for more retail and entertainment destinations, as well as for office product. The development’s proximity to the VA hospital appeals to medical tenants and other businesses that focus on life sciences.
Dynamic Star purchased three of the Fordham Landing sites in 2019 and it expects to complete the purchase of the remaining two by March 2020. Construction is slated for completion by 2029.