Bolivar Development signs $52.8M refi with Deutsche Bank for Longwood school, retail

Bolivar Development through the entity 1000 Westchester Avenue LLC as borrower signed a refi loan with lender Deutsche Bank valued at $52.8 million for a building with a charter school, Democracy Prep Endurance High School, and retail space, at 1006 Westchester Avenue in Longwood, Bronx. The property is divided into five commercial condominium units, including two units making up the school, with at total of 92,522 square feet; and three retail units with a total of 18,485 square feet.
The deal closed on June 6, 2025 and was recorded on July 1, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $49.4 million. The five condo units have 111,007 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $475 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 Bolivar Development was Peter Fine . The signatory for Deutsche Bank was David Addison and Daniel Eisenberg .

The neighborhood

In Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $95.3 million in sales volume in the last two years. For development, Longwood has 2 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Bronx. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 1006 Westchester Avenue, PincusCo has identified the owners of six of the 27 commercial properties representing 434,028 square feet of the 784,715 square feet. The largest owner is Ben Hur Investments, followed by Nuveen Real Estate and then Elysee Investment Company.
On the tax block, there were two new building construction projects totaling 291,337 square feet. The largest is a 278-unit, 183,964 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed April 16, 2020 and it has not been permitted yet. The second largest is a 107,373 square-foot educational (E) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed January 11, 2021 and permitted September 15, 2021.

The majority, or 45 percent of the 784,715 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

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