Maddd, Joy Construction sign $106M construction loan with NYC for development in Concourse

Maddd Equities and Joy Construction Corp through the entity Hp River Crest II Housing Dev. Fund Company, Inc. as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $106 million for the 750-unit project at 1184 River Avenue in Concourse, Bronx.
Crain’s reported this financing totals $140 million, with $92 million from Wells Fargo and $48 million from city sources for the last phase of River Crest. The Acris records don’t yet reflect that total.
The deal closed on November 4, 2021 and was recorded on December 1, 2021.

The signatory for Maddd Equities and Joy Construction Corp was Eli S. Weiss. The signatory for NYC Housing Development Corporation was Ruth Moreira.

Within a 400-foot radius of 1184 River Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on August 18, 2020 for a 201,136-square-foot R-2 building with 245 residential units at 1169 River Avenue.
Of those five items, three were loans above $5 million totaling $128.6 million. The most recent of the three was Shmuel Kairy which borrowed $13.6 million from Citibank secured by the 2,500-square-foot, one-unit retail building (K1) on 46 East 167th Street and one other property on March 2, 2021.

Direct link to Acris document. link