L+M obtains $31M in rehab loans from city for 252 units in the Bronx

L+M Development Partners borrowed $30.9 million from the New York City Housing Development Corporation for two projects in two different transactions with a total of 252 units in the Bronx.

In the first transaction, L+M Development Partners through the entity Palacio Associates LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $13 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 124 residential units at 760 Melrose Avenue in Bronx. The deal closed on October 15, 2020 and was recorded on November 4, 2020.
The property contains a total of 157,652 square feet of built space. The property has 151,258 square feet of available development rights.
The average loan per unit is $79,758.
This is a rehabilitation loan.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $750,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, L+M Development Partners through the entity Bx Third Avenue Associates LLC as borrower signed a loan agreement with lender New York City Housing Development Fund Corporation valued at $17.9 million for 1 parcel, including the tax class high-rise condominium apartment/elevated, residential unit (R4) and containing 128 residential units at 500 East 165th Street in Morrisania. The deal closed on October 15, 2020 and was recorded on November 4, 2020.
The property contains a total of 150,121 square feet of built space.
The average loan per unit is $85,039.
This is a rehabilitation loan.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link