RiverSpring Living signs $25M construction loan with Stride Bank in North Riverdale
RiverSpring Living through the entity The Hebrew Home for the Aged at Riverdale as borrower signed a new construction loan with lender Stride Bank valued at $25 million for two specialty properties including the specialty building (I6) at 5921 Palisade Avenue in North Riverdale, Bronx and specialty building (I6) at 5931 Palisade Avenue in North Riverdale, Bronx.
On these lots, there is one active new building construction project for a 260-unit, 411,767 square-foot residential (R-2) building. The project was submitted by RiverSpring Living and filed by John Lembo with plans filed January 10, 2024 and it has not been permitted yet.
The deal closed on May 24, 2024 and was recorded on May 30, 2024.
The signatory for RiverSpring Living was David V. Pomeranz. Hebrew Home is an affiliate of RiverSpring Living.
The neighborhood
In North Riverdale, The bulk, or 48 percent of the 3.4 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 38 percent of the space. In sales, North Riverdale has the 31st highest sale turnover among other neighborhoods in Bronx with $29.2 million in sales volume in the last two years. For development, North Riverdale has had very little major development activity relative to other neighborhoods.It had 643,877 square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.
The block
On the tax block of 5921 Palisade Avenue, PincusCo has identified the owners of four of the 12 commercial properties representing zero square feet of the 768,695 square feet. The two identified owners are Gervis and City Of New York.
On the tax block, there was one new building construction project filed totaling 411,767 square feet. It is a 260-unit, 411,767 square-foot residential (R-2) building submitted by RiverSpring Living and filed by John Lembo with plans filed January 10, 2024 and it has not been permitted yet.
The majority, or 84 percent of the 768,695 square feet of built space are specialty buildings, with elevator buildings next occupying 16 percent of the space.
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