Bronx Pro Group gets $73M construction loan from NYC for 168-unit project in Bronx

Bronx Pro Group through the entity Melrose Horth LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. through the entity Services For The Underserved, Inc. valued at $73 million for 1 parcel, including the tax class miscellaneous parklike space (Q9) at 925 Courtlandt Avenue in Bronx. The deal closed on December 17, 2020 and was recorded on January 7, 2021.

At the same time as the loan, Bronx Pro signed a 99-year ground lease with landlord New York City Housing Authority for the parcel. This is a new construction loan totaling $73,073,590 for 168 units of affordable housing. Peter Magistro, founder of Bronx Pro, was the signatory.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $2,000.

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