Abraham Wieder gets $16M construction loan from Acres Capital for project in Bronxdale

Abraham Wieder through the entity 653 Mace Development LLC as borrower signed a loan agreement with lender Acres Capital through the entity Acres Loan Origination, LLC valued at $16 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 653 Mace Avenue in Bronxdale. The deal closed on November 2, 2020 and was recorded on November 12, 2020.
There has been one new building permit application totaling 48,268 square feet. Those plans include a total of 53 residential units.

This is a new construction loan composed of a $12.2 million building loan and a $3.7 million project loan. A $2.2 million land loan which had the signatory Michael Arounian, was satisfied at the same time.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link