Highbridge affordable signs $159.7M rehab construction loan with Webster Bank for 28 properties

Highbridge Community Development Corporation through the entity Highbridge Rising Housing Development Fund Corp as borrower signed a rehab construction loan with lender Webster Bank valued at $159.7 million for 28 properties with 727 residential units including the 71-unit residential walkup building (C1) at 1360 Merriam Avenue in Highbridge, Bronx, 59-unit residential elevator building (D7) at 115 West 172nd Street in Mt Eden, Bronx, and 35-unit residential walkup building (C1) at 1375 Nelson Avenue in Highbridge, Bronx.
The deal closed on December 1, 2025 and was recorded on December 30, 2025. The 28 properties have 777,107 square feet of built space and 178,994 square feet of additional air rights for a total buildable of 834,507 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $205 and the price per buildable square foot is $191 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 Highbridge Community Development Corporation was Donald Sakano . The signatory for Webster Bank was Andrew Flink .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Kobina Arhin, head officer and Martin Rivera, officer. The business entity is Highbridge Community Development Corp. Out of the 28 properties, 22 with a total of 777,107 square feet of built space generated revenue of $10 million per year.

The property

The residential elevator building with 59 residential units in Mt Eden has 777,107 square feet of built space and 178,994 square feet of additional air rights for a total buildable of 834,507 square feet according to a PincusCo analysis of city data. The parcel has frontage of 133 feet and is 100 feet deep with a total lot size of 13,319 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1993 and expires in 2027. The city-designated market value for the property in 2022 is $2.4 million. The property has 59 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received four DOB violations, $27,500 in ECB penalties, 90 housing violations, $31,330 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 115 West 172nd Street, PincusCo has identified the owners of four of the 15 commercial properties representing 241,179 square feet of the 521,943 square feet. The largest owner is Nyc Department Of Education, followed by Fairstead and then Stagg Group.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 521,943 square feet of built space are elevator buildings, with specialty buildings next occupying 19 percent of the space.

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