Exact Capital signs $123.5M construction loan with NYCHDC for 182-unit project in Westchester Square

Exact Capital through the entity Blondell Equities LLC as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $123.5 million for the 182-unit project at 1340 Blondell Avenue in Westchester Square, Bronx.
On the lot, there is one active new building construction project for a 182-unit, 173,111 square-foot R-2 building. The project was submitted by Nimrud Eyal with plans filed January 21, 2021.
The deal closed on June 30, 2023 and was recorded on July 19, 2023. The property has 5,266 square feet of built space and 174,949 square feet of additional air rights for a total buildable of 180,360 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $684 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 owner bought the property on March 10, 2016, for $8 million. The signatory for Exact Capital was Craig Livingston.

The property

The parcel has frontage of 205 feet and is 250 feet deep with a total lot size of 45,090 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $15 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $85,380 in OATH penalties in the last year.

The block

On the tax block, there was one new building construction project filed totaling 173,111 square feet. It is a 182-unit, 173,111 square-foot residential (R-2) building submitted by Nimrud Eyal with plans filed January 21, 2021.

All properties are specialty.

The borrower

The PincusCo database currently indicates that Exact Capital owned at least three commercial properties with 97 residential units in New York City with 121,294 square feet and a city-determined market value of $11.5 million. (Market value is typically about 50% of actual value.) The portfolio has $70.7 million in debt, borrowed from NYC Housing Development Corporation and Sterling National Bank. Within the portfolio, the bulk, or 100 percent of the 121,294 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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