Bronx, NY

$20,000,000 First Mortgage

In December 2024, a $20.0 million first mortgage was provided to finance the acquisition and predevelopment of a mixed-use residential project located at 350 Grand Concourse in Mott Haven, Bronx, New York. The business plan contemplates the development of a 10-story building featuring approximately 295 residential units anchored by a 40,000-square-foot Food Bazaar supermarket. The acquisition closed with a long-term Food Bazaar lease, providing a stable retail anchor, with construction expected to commence in early 2026 following completion of predevelopment activities.

The property is located in Mott Haven, a rapidly evolving South Bronx neighborhood benefiting from strong transit access, waterfront proximity, and relative affordability compared to Manhattan and Brooklyn.