Chase Enterprises signs $55M refi loan with Nationwide Life for office in Belmont

Chase Enterprises through the entity One Fordham Plaza LLC as borrower signed a refi loan with lender Nationwide Life Insurance Company valued at $55 million for the office building (O6) at 440 East Fordham Road in Belmont/Little Italy, Bronx.
The deal closed on November 8, 2022 and was recorded on November 15, 2022. The prior lender was AIG which held debt that had an original loan amount of $52 million. The property has 563,549 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $97 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 Chase Enterprises was Cheryl A. Chase. The signatory for Nationwide Life Insurance Company was Michael C. Beidelman.

Prior sales and revenue

The 563,549-square-foot property generated revenue of $19.2 million or $34 per square foot, according to the most recent income and expense figures.

The property

The 440 East Fordham Road parcel has frontage of 369 feet and is 381 feet deep with a total lot size of 140,220 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $77.3 million.

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 $625 in ECB penalties and $1,925 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Belmont/Little Italy, the bulk, or 44 percent of the 14.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $207.7 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 679,852 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 246,320 square feet of the 878,800 square feet. The identified owner is Kite Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 89 percent of the 632,480 square feet of built space are office buildings, with mixed-use buildings next occupying 11 percent of the space.

Direct link to Acris document. link