Ayush Kapahi signs $25.8M refi loan with Popular Bank for 91-unit development in Mt Hope
Ayush Kapahi through the entity Anthony Bush Development LLC as borrower signed a refi loan with lender Popular Bank valued at $25.8 million for the development project at 218 Bush Street in Mt Hope, Bronx.
On the lot, there is one active new building construction project for a 91-unit, 60,966 square-foot R-2 building. The project was developed by Kim Tasher with plans filed December 18, 2018 and permitted March 3, 2021.
The deal closed on October 20, 2022 and was recorded on October 27, 2022. The prior lender was Centennial Bank which held debt that had an original loan amount of $14.7 million.
The signatory for Ayush Kapahi was Ayush Kapahi. The signatory for Popular Bank was Sana Khaliq.
The property
The 218 Bush Street parcel has frontage of 120 feet and is 80 feet deep with a total lot size of 11,592 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $767,000.The most recent loan totaled $12.3 million and was provided by Centennial Bank on December 29, 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 received one DOB violation, $6,150 in ECB penalties, and $7,230 in OATH penalties in the last year.
The neighborhood
In Mt Hope, the majority, or 58 percent of the 11.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Mt Hope has the 19th highest sale turnover among other neighborhoods in Bronx with $82.7 million in sales volume in the last two years. For development, Mt Hope has had very little major development activity relative to other neighborhoods.It had 723,214 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 68,982 square feet of the 140,948 square feet. The largest owner is Thorobird Investments, followed by HKS Capital Partners and then Zef Kalaj.
On the tax block, there were two new building construction projects totaling 86,062 square feet. The largest is a 91-unit, 60,966-square-foot R-2 building developed by Kim Tasher with plans filed December 18, 2018 and permitted January 31, 2020. The second largest is a 37-unit, 25,096-square-foot R-2 building developed by Thomas Campbell with plans filed August 19, 2016 and permitted April 13, 2018.
The majority, or 69 percent of the 140,948 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.
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