CBRE, Spaxel, Atalaya sign $13.5M construction loan for 46-unit project in Bronx

CBRE Investment Management, Spaxel, and Atalaya Capital through the entity Spaxel CBRE 1695 Monroe LLC as borrower signed a new construction loan with lender First-Citizens Bank & Trust Company valued at $13.5 million for the 46-unit development at 1695 Monroe Avenue in Claremont Village, Bronx.
On these lots, there is one active new building construction project for a 46-unit, 31,253 square-foot R-2 building. The project was submitted by Spaxel and filed by Selimaj Shkumbin with plans filed November 10, 2020 and permitted April 18, 2022.
The deal closed on May 10, 2023 and was recorded on May 22, 2023.

The signatory for CBRE Investment Management, Spaxel, and Atalaya Capital was Granit Gjonbalaj.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The block

On the tax block, there were two new building construction projects totaling 60,766 square feet. The largest is a 46-unit, 31,253 square-foot residential (R-2) building submitted by Spaxel and filed by Selimaj Shkumbin with plans filed November 10, 2020 and permitted April 14, 2022. The second largest is a 68-unit, 29,513 square-foot residential (R-2) building submitted by Simcha Ludmir and filed by Simcha Ludmir with plans filed March 15, 2022 and permitted May 25, 2022.

The majority, or 62 percent of the 131,146 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Spaxel owned at least 11 commercial properties with 56 residential units in New York City with 45,209 square feet and a city-determined market value of $7.8 million. (Market value is typically about 50% of actual value.) The portfolio has $17.2 million in debt, borrowed from Metropolitan Commercial Bank and Sterling National Bank. Within the portfolio, the bulk, or 61 percent of the 45,209 square feet of built space are elevator properties, with C0 properties next occupying 12 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Cbre Investment Management owned at least 11 commercial properties with 12 residential units in New York City with 683,337 square feet and a city-determined market value of $58.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 97 percent of the 683,337 square feet of built space are industrial properties, with C0 properties next occupying 1 percent of the space. The bulk, or 97 percent of the built space, is in Brooklyn, with Bronx next at 3 percent of the space.

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