Nonprofit signs $57.4M construction loan for 105-unit project in Highbridge

The nonprofit West Side Federation for Senior and Supportive Housing through the entity Fischer Senior Apartments, L.P. as borrower signed a construction loan with lender Capital One valued at $48.9 million for the 105-unit development (V0) at 87 West 169th Street in Highbridge, the Bronx.
On the tax block, there was one new building construction project filed totaling 74,267 square feet. It is a 105-unit, 74,267 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed December 16, 2020 and permitted June 27, 2023.
The loan closed on June 28, 2023 and was recorded on July 5, 2023.

The property

The parcel has frontage of 125 feet and is 131 feet deep with a total lot size of 15,120 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $667,000.

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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project for a 105-unit, 74,267 square-foot R-2 building. The project was submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed December 16, 2020 and it has not been permitted yet.

The neighborhood

In Highbridge, The majority, or 60 percent of the 12.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 26 percent of the space. In sales, Highbridge has the 28th highest sale turnover among other neighborhoods in Bronx with $52.3 million in sales volume in the last two years. For development, Highbridge has had very little major development activity relative to other neighborhoods.It had 635,716 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 110,654 square feet of the 119,556 square feet. The identified owner is Atlantic Development Group.
On the tax block, there was one new building construction project filed totaling 74,267 square feet. It is a 105-unit, 74,267 square-foot residential (R-2) building submitted by NYC Department of Housing Preservation and Development and filed by Rona Reodica with plans filed December 16, 2020 and permitted June 27, 2023.

The majority, or 93 percent of the 119,556 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

Direct link to Acris document. link