Joel Brach signs $21.1M construction loan for 99-unit project in Mt Hope

Buildhouser through the entity Mt Hope 23 LLC as borrower signed a new construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $21.1 million for the 99-unit project planned for 23 Mt Hope Place in Mt Hope, Bronx.

On the lot, there is one active new building construction project, X01222893, for a 99-unit, 71,622 square-foot residential (R-2) building. The project was submitted by Buildhouser and filed by Joel Brach with plans filed May 16, 2025 and permitted March 19, 2026.
The deal closed on April 23, 2026 and was recorded on April 29, 2026. The property has 3,420 square feet of built space and 15,406 square feet of additional air rights for a total buildable of 18,812 square feet according to a PincusCo analysis of city data. The loan price per planned development square foot is $295 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 October 3, 2025, for $1.9 million. The signatory for Buildhouser was Joel Brach . This is for a 99-unit building on lots 35, 36. (aka 35, 34). There is an affiliated development next door at 27 Mt Hope Place where Benny Wercberger borrowed $19.5 million also from NorthEast Community Bank, for a similar 99-unit project.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Felix Ceballos, joint owner and Karen Mendez, joint owner.

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 $6,280 in ECB penalties and $6,720 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 91,123 square feet of the 131,650 square feet. The largest owner is Mbd Community Housing Corporation, followed by Buildhouser and then Mount Hope Housing Company.
On the tax block, there were two new building construction projects totaling 137,929 square feet. The largest is a 99-unit, 71,622 square-foot residential (R-2) building submitted by Buildhouser and filed by Joel Brach with plans filed May 16, 2025 and permitted March 19, 2026. The second largest is a 99-unit, 66,307 square-foot residential (R-2) building submitted by Buildhouser and filed by Joel Brach with plans filed May 19, 2025 and permitted April 15, 2026.

The majority, or 85 percent of the 131,650 square feet of built space are walkup buildings, with industrial buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Buildhouser owned at least four commercial properties with 13 residential units in New York City with 13,812 square feet and a PincusCo-determined asset value of $12 million. Within the portfolio, the bulk, or 59 percent of the 13,812 square feet of built space are walkup properties, with C0 properties next occupying 40 percent of the space.

Direct link to Acris document. link