Asland Capital, Pembroke sign $77.3M construction loan with state, city in Unionport

Asland Capital Partners and Pembroke through the entity HP Park Lane Senior Housing Development Fund as borrower signed a rehab construction loan with lender NYS Housing Finance Agency and the City of New York valued at $77.3 million for a 154-unit new development at 1940 Turnbull Avenue in Unionport, Bronx.
The deal closed on March 31, 2022 and was recorded on May 24, 2022.
The signatory for Asland Capital Partners and Pembroke was James H. Simmons III. The signatory for NYS Housing Finance Agency was Julie M. Behrens.

The property

The 1940 Turnbull Avenue parcel has frontage of 117 feet and is 108 feet deep with a total lot size of 12,776 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The most recent loan totaled $30.5 million and was provided by Capital One on November 30, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 4, 2021. On these lots, there is one active new building construction project for a 154-unit, 101,351-square-foot R-2 building. The project was developed by Joshua Siegel with plans filed May 5, 2020 and it has not been permitted yet.

The neighborhood

In Unionport, the bulk, or 41 percent of the 12.2 million square feet of commercial built space are 1-4 family buildings, with residential elevator buildings next occupying 19 percent of the space. In sales, Unionport has had very little sales volume relative to other neighborhoods with $125.8 million in sales volume in the last two years. For development, Unionport has had very little major development activity relative to other neighborhoods.It had 122,145 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 400,932 square feet of the 400,932 square feet. The largest owner is Yechiel Newhouse, followed by Starrett Development and then Asland Capital Partners. There is one active new building construction project totaling 101,351 square feet. It is a 154-unit, 101,351-square-foot R-2 building developed by Joshua Siegel with plans filed May 5, 2020 and it has not been permitted yet.

The majority, or 100 percent of the 400,932 square feet of built space are residential elevator buildings.

Surrounding

Within a 400-foot radius of 1940 Turnbull Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Yechiel Newhouse bought the 400,932-square-foot, 359-unit rental (D3) on 1965 Lafayette Avenue for $43 million from NYC Housing Partnership on December 3, 2021.
One of those two items was a loan which Yechiel Newhouse borrowed $32.2 million from Santander Bank secured by the 400,932-square-foot, 359-unit rental (D3) on 1965 Lafayette Avenue on December 3, 2021.

Correction: A prior version of this post misspelled the name of the development firm as Ashland Capital Partners.

Direct link to Acris document. link