St. Barnabas Hospital signs $59.1M refi for six properties in Bronx

SBH Health System through the entity St. Barnabas Hospital as borrower signed a refi loan with lender Wells Fargo valued at $59.1 million for six Bronx properties including the specialty building (I1) at 4422 3rd Avenue in Belmont, the specialty building (I1) at 260 East 188th Street in Fordham Heights, and the industrial building (G1) at 4400 3rd Avenue in Belmont.
The deal closed on July 1, 2025 and was recorded on September 18, 2025. The prior lender was Wells Fargo which held debt that had an original loan amount of $55.8 million.The six properties have 898,432 square feet of built space and 277,070 square feet of additional air rights for a total buildable of 1,160,802 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $65 and the price per buildable square foot is $50 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 SBH Health System was Mary Grochowski. The signatory for Wells Fargo was Mary E. Evans .

Prior sales and revenue

Out of the six properties, one with a total of 898,432 square feet of built space generated revenue of $2.6 million per year.

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 received one DOB violation, $13,810 in ECB penalties, and $32,625 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the six buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Belmont/Little Italy, The bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has the 23rd highest sale turnover among other neighborhoods in Bronx with $65.1 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 713,559 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

There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 719,374 square feet of built space are specialty buildings, with industrial buildings next occupying 28 percent of the space.

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