Atlantic Development signs $11.8M refi with JLL for rental in Fordham Heights

Atlantic Development Group through the entity Creston Avenue Associates, L.P. as borrower signed a refi loan with lender JLL through the entity JLL Real Estate Capital, LLC valued at $11.8 million for the 92-unit rental (D1) at 2089 Creston Avenue in Fordham Heights, Bronx.
The deal closed on November 10, 2021 and was recorded on November 24, 2021.
The property has 92,728 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $126 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 Atlantic Development Group was Peter Fine. The signatory for JLL was Teresa Goerish.

The owners according to the Department of Housing Preservation and Development include Peter Fine, head officer and Nelson Willmore, site manager. The business entity is Creston Avenue Assoc. Lp.

Within a 400-foot radius of 2089 Creston Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $19.9 million. The most recent of the three was John LaRocca which borrowed $8.4 million from Investors Bank secured by the 70,110-square-foot, 79-unit rental (D1) on 2095 Creston Avenue on September 28, 2021.

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