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
