Gilbane signs $27.9M rehab construction loan with Walker & Dunlop for NYCHA rentals in Bronx

Gilbane Development through the entity Highbridge Owner, LLC as borrower signed a rehab construction loan agreement with Walker & Dunlop valued at $27.9 million for 19 properties including the 59-unit rental (D1) at 1085 Anderson Avenue in Highbridge, Bronx, 33-unit rental (D7) at 1144 Nelson Avenue in Highbridge, Bronx, and 25-unit rental (D1) at 1139 Nelson Avenue in Highbridge, Bronx.
The deal closed on February 23, 2021 and was recorded on April 23, 2021.
Gilbane obtained a rehab building loan for $12.5 million and rehab project loan for $15.4 million totaling $27.9 million, plus additional funds from the city. The property is ground-leased from the New York City Housing Authority.
The 19 properties have 379,253 square feet of built space and 0 square feet of additional air rights for a total buildable of 352,217 square feet according to PincusCo analysis of city data. The loan price per built square foot is $85 and the price per buildable square foot is $91 per the PincusCo analysis.
The signatory for Gilbane Development was Matthew Lawrence. The signatory for Walker & Dunlop was Katy Landolfi.

The owners according to the Department of Housing Preservation and Development includes Matthew Lawrence, head officer and Ramiro Velez, agent. The business entities are Kraus Management Inc. and Highbridge Owner, Llc.