Bronx Mixed-Use Secures $20M Bridge Refinance
A Bronx mixed-use property has secured a $20-million bridge refinance. Bridge Debt Strategies provided a 24-month, floating-rate loan on 2500 Barker Ave. The loan was arranged by Abe Mann, principal of Mann Capital Advisors, on behalf of an ownership group led by Theodore Trachtenberg.
The approximately 55,000-square-foot property comprises 53 residential units plus two floors of commercial space. The residential component is more than 80% leased, with units occupied through the CityFHEPS subsidy program.
“The property has demonstrated strong leasing velocity overall, and the structure of this refinance provides sufficient runway to complete full stabilization with an attractive interest rate,” said Mann. “Bridge Debt Strategies delivered a bespoke financing solution that aligns well with the asset’s trajectory and the ownership’s business plan.”
The building will benefit from a 421-a tax abatement, supporting in-place cash flow. The commercial portion of the asset is being marketed by Meridian Retail Leasing.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout