Atlantic Development signs $30.4M construction loan with M&T Bank in Mt Eden

Atlantic Development Group through the entity 1475 Macombs Rd, LLC as borrower signed a new construction loan with lender M&T Bank valued at $30.4 million for the industrial (G6) at 1475 Macombs Road in Mt Eden, Bronx.
The deal closed on November 24, 2021 and was recorded on January 6, 2022.

The owner bought the property on November 27, 2019, for $7.6 million.
The signatory for Atlantic Development Group was Peter Fine and Emily Kim.
(240301062) Plans for a 63,225 square-foot school building were filed on February 11, 2021 and were permitted on August 18, 2021.
Peter Fine is the principal and co-founder of Atlantic Development Group.

Within a 400-foot radius of 1475 Macombs Road, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on November 10, 2020 for a 78,450-square-foot E building at 1504 Macombs Road.
Of those six items, two were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $2.8 million. The most recent of these two items was the filing on May 3, 2021 for a 25,001-square-foot F-2 building with 0 residential units at 1414 Cromwell Avenue.
Of those six items, three were loans above $5 million totaling $69.2 million. The most recent of the three was Atlantic Development Group which borrowed $11.6 million from JLL secured by the 103,418-square-foot, 90-unit rental (D1) on 1491 Macombs Road on October 12, 2021.

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