Acacia Network signs $27.8M rehab loan for six walkups in Bronx

Acacia Network through the entity Acacia URC LLC as borrower signed a rehab construction loan with lender Webster Bank valued at $27.8 million for six residential walkup properties with 123 residential units including the 46-unit residential walkup building (C1) at 1074 Summit Avenue in Highbridge, Bronx, 32-unit residential walkup building (C1) at 765 East 166th Street in Morrisania, Bronx, and 20-unit residential walkup building (C7) at 851 Tinton Avenue in Longwood, Bronx.
The deal closed on April 9, 2026 and was recorded on April 20, 2026. The six properties have 110,416 square feet of built space and 14,531 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $251 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Acacia Network was Raul Russi . The signatory for Webster Bank was Kerry Labotz .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 437 East 135th Street.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Madelyn Lugo, head officer and Delphy Marrero, officer. The business entity is Urban Renaissance Collaboration. Out of the six properties, two with a total of 110,416 square feet of built space generated revenue of $575,696 per year.

The property

The residential walkup building with 10 residential units in Mott Haven has 110,416 square feet of built space and 14,531 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million. The property has 6 rent regulated units according to city tax records from 2024.

Transaction Participants

Jeanine T. Margiano at Windels Marx Lane & Mittendorf, LLP participated in the transaction on behalf of K. James Dittbrenner .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, 47 housing violations, $4,060 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 437 East 135th Street, PincusCo has identified the owners of five of the 18 commercial properties representing 85,416 square feet of the 120,921 square feet. The largest owner is Nyc Department Of Education, followed by Charlie Lezer and then Darren Singer.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 120,921 square feet of built space are walkup buildings, with specialty buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Acacia Network owned at least three commercial properties in New York City with 88,451 square feet and a city-determined market value of $66 million. (Market value is typically about 50% of actual value.) The portfolio has $48.1 million in debt, borrowed from NYS Dormitory Authority. Within the portfolio, the bulk, or 54 percent of the 88,451 square feet of built space are specialty properties, with hotel properties next occupying 39 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Bronx next at 45 percent of the space.

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