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Taconic, Clarion close on $130M loan for Bronx apartments

Taconic Partners and Clarion Partners announced the closing of a $130 million loan from Wells Fargo for Eastchester Heights, a residential apartment complex located at 3480 Seymour Avenue in the Bronx.

The financing provides funding for ongoing renovations at the property, which has 1,416 rent stabilized units located on five city blocks that ownership acquired in 2007. The closing of the loan comes on the heels of a 200,000 square foot rooftop solar installation in July

“We’re proud to continue investing in this community,” said David Milch, Vice President, of Taconic Partners.  “The closing of this loan is an important step towards preserving affordability. We are committed to providing an accessible, top-quality residential destination in the Bronx.”

Since 2007, Taconic and Clarion together have invested more than $50 million in upgrades to transform the complex into a model for private investment in New York City’s workforce housing stock.

Improvements have been made to unit interior finishes, landscaping, building entrances, hallways, heating systems, roofs and energy efficiency by adding rooftop solar panels. Today, Eastchester Heights is widely regarded as one of the premier residential complexes in the neighborhood, bringing modern apartments, open green spaces, extensive amenities and reliable maintenance into the heart of the Bronx.

Built in 1935 and situated on 14.84 acres, Eastchester Heights is among the largest residential communities in the Bronx, with 114 individual buildings that form a campus of six large clusters with landscaped outdoor courtyards, basketball courts, a playground area and parking lot. The residential complex is also a hub for the community, offering special opportunities like life coaching, job training, financial counseling and even an on-site computer lab.

Eastdil Secured arranged the financing.

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