RXR signs $75.2M construction loan with Bank of America for 200-unit project in Mott Haven

RXR Realty through its RXR 2413 Third Owner LLC as borrower signed a loan with lender Bank of America valued at $75.2 million for the 200-unit project at 2413 Third Avenue in Mott Haven, Bronx.
The deal closed on June 29, 2021 and was recorded on July 14, 2021.

The owner bought the property on March 20, 2020, for $23.7 million.
RXR filed plans for a 200-unit residential building. The financing is composed of a $60 million building loan and a $15.2 million project loan. There is no land loan recorded.
(210181202) Plans for a 200-unit, 165,391 square-foot R-2 were filed on April 21, 2020.
Within a 400-foot radius of 2413 Third Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on June 9, 2020 for a 364,274-square-foot residential R-2 building with 458 residential units residential units at 2401 Third Avenue.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 7, 2021 for the $3.0 million renovation of 55,831-square-foot R-2 building with 55 residential units at 2447 Third Avenue.
Of those six items, two were sales above $5 million totaling $75.5 million. The most recent of the two was RXR Realty which bought the 16,205-square-foot, one-unit industrial (F9) on 9 Bruckner Boulevard for $10.8 million from Somerset Partners on March 20, 2020.
Of those six items, two were loans above $5 million totaling $234.8 million. The most recent of the two was Brookfield Properties which borrowed $190.0 million from Goldman Sachs secured by the 401,561-square-foot, 373-unit rental (D6) on 2401 3rd Avenue on February 11, 2021.

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