Finch Group signs $41.4M construction loan with JPMorgan Chase for 73-unit project in Wakefield

Finch Group through the entity Wakefield Grace Umc Housing Development Fund Corp. as borrower signed a new construction loan with lender JPMorgan Chase valued at $41.4 million for two properties including the specialty building (M1) at 4750 White Plains Road in Wakefield, Bronx and 1-4 family building (A1) at 4746 White Plains Road in Wakefield, Bronx.

On these lots, there is one active new building construction project for a 73-unit, 38,822 square-foot R-2 building. The project was developed by Henderson Braithwaite with plans filed July 17, 2020 and it has not been permitted yet.
The deal closed on December 23, 2022 and was recorded on January 9, 2023.
The signatory for Finch Group was Wesley E. Finch. The signatory for JPMorgan Chase was Brett Mcleaod.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 4750 White Plains Road.

The property

The 4750 White Plains Road parcel has frontage of 61 feet and is 112 feet deep with a total lot size of 5,074 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $644,000.

Violations and lawsuits

The properties were involved in one court action and zero bankruptcies over the past two years. The court action was a $1.8 million judgment concerning a leave to sell filed on October 26, 2022, by Wakefield Grace United Methodist Church Of New York City to transfer control to the Finch Group. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Wakefield, the bulk, or 34 percent of the 9.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 27 percent of the space. In sales, Wakefield has had very little sales volume relative to other neighborhoods with $107.6 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 540,649 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 38,822 square feet. It is a 73-unit, 38,822-square-foot R-2 building developed by Henderson Braithwaite with plans filed July 17, 2020 and it has not been permitted yet.

The majority, or 57 percent of the 37,622 square feet of built space are walkup buildings, with retail buildings next occupying 31 percent of the space.

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