WellLife, Richman signs $74M construction loan for 136-unit project in Olinville

WellLife Network and Richman Group through the entity White Plains Road Apartments LLC as borrower signed a new construction loan with lender NYS Housing Finance Agency, NYS Homeless Housing and Assistance Corporation, and JPMorgan Chase valued at $74 million for the 136-unit development at 3663 White Plains Road in Olinville, Bronx.

On the lot, there is one active new building construction project, X00902721, for a 136-unit, 96,472 square-foot residential (R-2) building. The project was submitted by WellLife Network and filed by Karen Gorman with plans filed December 7, 2023 and permitted November 4, 2024.
The deal closed on October 24, 2024 and was recorded on March 3, 2025.
The owner bought the property on October 18, 2022, for $7.5 million. The signatory for WellLife Network and Richman Group was Sherry Tucker . The signatory for NYS Housing Finance Agency , NYS Homeless Housing and Assistance Corporation , and JPMorgan Chase was Sharmi Sobhan .

The property

The most recent loan totaled $9.8 million and was provided by Enterprise Community Partners on October 18, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and $300 in OATH penalties in the last year.

The neighborhood

In Olinville, The majority, or 59 percent of the 2.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Olinville has the 32nd highest sale turnover among other neighborhoods in Bronx with $26.8 million in sales volume in the last two years. For development, Olinville has had very little major development activity relative to other neighborhoods.It had 207,558 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 91,019 square feet of the 102,305 square feet. The two identified owners are Stagg Group and Welllife Network.
On the tax block, there was one new building construction project filed totaling 96,472 square feet. It is a 136-unit, 96,472 square-foot residential (R-2) building submitted by WellLife Network and filed by Karen Gorman with plans filed December 7, 2023 and permitted November 4, 2024.

The majority, or 89 percent of the 102,305 square feet of built space are elevator buildings, with mixed-use buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Welllife Network owned at least four commercial properties with 66 residential units in New York City with 8,480 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 82 percent of the 8,480 square feet of built space are M1 properties, with V1 properties next occupying 18 percent of the space. They are all located in Bronx.

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