Progress Capital has arranged a $16 million construction loan for a new Bronx development.
Abraham Wieder’s Supreme Equities is building the 60,000 s/f mixed-use property in the Allerton neighborhood of the Bronx.
ACRES Capital provided the financing at nearly 80 percent LTC, non-recourse with carve outs and a floating rate.
The corner property is being developed to house 53 residential units, 30 percent of which will be deemed affordable, plus 16,000 s/f of commercial space.
Supreme Equities acquired the vacant lot at 653-655 Mace Avenue from the non-profit Centerlight Health System for $750,000 in 2018 and filed plans last year for the low-rise development which include a second-floor terrace.
Abe Mann, Managing Director at Progress Capital arranged the loan. He said, “I want to thank all parties involved, especially the underwriters at ACRES Capital, who helped us get this across the finish line.
“We had the loan fully approved pre-COVID-19 and we thank ACRES for holding the same structure, rate and terms in place. Although the pandemic caused many challenges, including a significant delay in receiving NB permits, everyone did an excellent job overcoming these obstacles to get the loan closed.”
Also known as Laconia and Bronxdale, Allerton lies to the north of Waring Avenue in the Bronx and is known for its brick rowhouses and proximity to The Bronx Zoo and Botanical Gardens