Jacob Schwimmer signs $105M construction loan with S3 Capital for 447-unit project in Mott Haven

Jacob Schwimmer through the entity 138 Bruckner Realty LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Bruckner Funding LLC valued at $105 million for a 447-unit development project at 138 Bruckner Boulevard in Mott Haven, Bronx. Schwimmer acquired the site through a ground lease valued at $35 million.
The deal closed on January 13, 2022 and was recorded on February 16, 2022. The prior lender was Spencer Savings Bank which held debt that had an original loan amount of $10.7 million.

(X00643715) Plans for a 447-unit, 422,592 square-foot R-2 were filed on December 22, 2021.
The two properties have 39,375 square feet of built space and 265,212 square feet of additional air rights for a total buildable of 304,762 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,666 and the price per buildable square foot is $344 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 Jacob Schwimmer was Jacob Schwimmer.
The financing includes an $82 million building loan and a $23 million project loan. 
In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
On the tax block, the majority, or 88 percent of the 179,948 square feet of built space are industrial buildings, with residential walkup buildings next occupying 12 percent of the space.
Within a 400-foot radius of 138 Bruckner Boulevard, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Artimus bought the building (G5) on 126 Bruckner Boulevard for $8 million from Joseph Dozier on March 12, 2020.
One of those two items was a loan which Altmark Group borrowed $9 million from Lakeland Bank secured by the 14,550-square-foot industrial (Z9) on 122 Bruckner Boulevard and two other properties on February 4, 2022.

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