Doe Fund signs $34.6M construction loan with Merchants Bank of Indiana in Wakefield

Doe Fund through the entity 4519 Wpr Apartments LLC as borrower signed a new construction loan with lender Merchants Bank of Indiana through the entity The Doe Fund, Inc valued at $34.6 million for the industrial building at 4519 White Plains Road in Wakefield, Bronx.
The deal closed on December 30, 2021 and was recorded on January 21, 2022.
(210180258) Plans for a 98-unit, 72,683 square-foot R-2 were filed on October 3, 2019.

The owner bought the property on October 15, 2018, for $2.9 million.
The signatory for Doe Fund was John McDonald.

John McDonald is the executive vice president of the Doe Fund.

In Wakefield, the majority, or 56 percent of the 23.5 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $52.4 million in sales volume in the last two years. For development, Wakefield has had very little major development activity relative to other neighborhoods.It had 493,844 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 40 percent of the 143,464 square feet of built space are 1-4 family buildings, with industrial buildings next occupying 19 percent of the space.
Within a 400-foot radius of 4519 White Plains Road, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on January 6, 2021 for the $1,000,000 renovation of 29,191-square-foot R-1 building with eight residential units at 4511 Furman Avenue.

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