Mixed-Income Mott Haven Project Lands $130M Construction Loan
JLL Capital Markets arranged $130 million in construction financing for The 360, a 13-story mixed-use development located at 350 Grand Concourse in the Mott Haven neighborhood of the South Bronx. Managing director Lauren Kaufman and senior director Nicco Lup worked on behalf of the borrower, a partnership between Shorewood Real Estate Group and Bogopa Enterprises, to secure the loan through PCCP LLC.
The financing will support the development of the 13-story, grocery-anchored residential property, which will feature 304 residential units and approximately 47,892 square feet of ground-floor retail space
pre-leased to Food Bazaar. Scheduled to be completed in 2028, The 360 will include 228 market-rate and 76 affordable units.
“The 360 generated strong interest from lenders who recognized the compelling combination of a best-in-class sponsorship, a differentiated grocery-anchored residential concept and the continued evolution
of Mott Haven,” said Kaufman. “We are delighted to have secured an attractive construction loan that
positions the project for success.”
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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