L+M Development borrows $212.5M from NYC for 542-unit Bronx development

L+M Development Partners through the entity Bronx Point Owner LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $212.5 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 65 East 149th Street in Bronx. The deal closed on December 29, 2020 and was recorded on January 13, 2021.

Simultaneously with this rehab loan package, L+M signed a 99-year ground lease as tenant with the city, as landlord.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $32,000.

There has been one new building permit application Those plans include a total of 542 residential units.

Direct link to Acris document. link