Taconic signs $130M refi for Bronx rentals

Taconic Investment Partners in a joint venture with Clarion Partners signed a $130 million loan with Wells Fargo for their Bronx rental apartment complex, Eastchester Heights.

The new loan, which replaces a $115 million refi signed in 2018 with Capital One, includes $15 million in new debt. The deal closed on November 1, 2021 and was recorded on November 15, 2021.

This refinance comes less than two weeks after Taconic filed plans for a 470-unit, 575,721-square-foot mixed-use building at 407 West 206th Street in Inwood, Manhattan.

Andrew Zlotnick, general counsel and executive vice president of Taconic Investment Partners, was the signatory on the loan.

According to The Real Deal, the complex called Eastchester Heights occupies five city blocks and include 1,416 apartments in the Eastchester section of the Bronx. Addresses for the property include 3438 Wilson Avenue, 3444 Fish Avenue and 3437 Eastchester Road, 1400 Hicks Street and 3485 Corsa Avenue.

Taconic, in partnership with L+M Development Partners, BFC Partners, the Prusik Group, and the Urban Investment Group recently announced Verizon has leased 140,000 square feet of office space at Essex Crossing. Construction is also continuing at 125 West End Avenue on the Upper West Side where Taconic is a developer.

The five Eastchester properties have 1,241,517 square feet of built space and 200,996 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $104 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.)

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000.

There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $557,076. One of the projects were to change the building from a RES to a R-2.

The owners according to the Department of Housing Preservation and Development includes Andrew Schwartz, head officer and Andew Schwartz, head officer. The business entity is Eastchester Heights Property Owner LLC.

Direct link to Acris document. link