RiverSpring Living signs $632.9M construction loan for senior care facility in North Riverdale
RiverSpring Living through the entity River’s Edge as borrower signed a loan with lender Build NYC Resource Corporation valued at $632.9 million for three specialty properties including the specialty building (I6) at 5921 Palisade Avenue in North Riverdale, Bronx, specialty building (I6) at 5931 Palisade Avenue in North Riverdale, Bronx, and specialty building (M9) at 5801 Palisade Avenue in North Riverdale, Bronx.
On these lots, there is one active new building construction project, X00975648, for a 260-unit, 411,767 square-foot R-2 building. The project was submitted by RiverSpring Living and filed by John Lembo with plans filed January 10, 2024 and permitted February 17, 2026.
The deal closed on February 1, 2026 and was recorded on March 10, 2026. The prior lender was Build Nyc Resource Corporation_Ai which held debt that had an original loan amount of nan.The three properties have 310,760 square feet of built space and 488,230 square feet of additional air rights for a total buildable of 764,500 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,036 and the price per buildable square foot is $827 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RiverSpring Living was David V. Pomeranz.
The funds, according to Morningstar, are for the, “financing the construction, renovation, furnishing, and equipping of an approximately 441,000 square foot independent living facility for a continuing care retirement community.”
The property
The specialty building in North Riverdale has 310,760 square feet of built space and 488,230 square feet of additional air rights for a total buildable of 764,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 334 feet and is 950 feet deep with a total lot size of 531,000 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $43 million. on February 1, 2026 bought a loan with an original principal of price not available from Build Nyc Resource Corporation_Ai signed by Emily Marcus Falda_Ai, secured by 5921 Palisade Avenue, 5931 Palisade Avenue, and 5801 Palisade Avenue, when owned by .
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
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 25th highest sale turnover among other neighborhoods in Bronx with $64.2 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 573,172 square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.
The block
On the tax block of 5921 Palisade Avenue, PincusCo has identified the owners of six of the 12 commercial properties representing 256,260 square feet of the 768,695 square feet. The largest owner is Riverspring Living, followed by Gervis and then 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 permitted February 17, 2026.
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.
Direct link to Acris document. link