Westbridge Realty Group signs $28.2M construction loan for 90-unit project in Belmont

Westbridge Realty Group through the entity Lordillard Commons LLC as borrower signed a new construction loan with lender Ponce Bank for the 90-unit rental project at 2351 Lorillard Place in Belmont, Bronx.

On this parcel there is a 90-unit, residential (R-2) building project, X01143746, submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed December 4, 2024 and permitted October 30, 2025.
The loan closed on March 19, 2026 and was recorded on March 26, 2026. The prior lender was IceCap Group which held debt that had an original loan amount of $14.4 million.
The owner bought the property on March 12, 2025, for $1.3 million. The signatory for Westbridge Realty Group was Steven Westreich . The signatory for Ponce Bank was Steven A. Tsavaris .

The property

The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $885,000. Ponce Bank on March 19, 2026 bought a loan with an original principal of $14.4 million from IceCap Group signed by William Platt , secured by 2359 Lorillard Place, when owned by Westbridge Realty Group .

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 $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of five of the 28 commercial properties representing 34,530 square feet of the 191,085 square feet. The largest owner is Prana Investments, followed by Belmont Arthur Avenue Local Development Corporation and then Aviram Chen.

The majority, or 63 percent of the 191,085 square feet of built space are walkup buildings, with industrial buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Westbridge Realty Group owned at least 26 commercial properties with 75 residential units in New York City with 129,250 square feet and a city-determined market value of $20.7 million. (Market value is typically about 50% of actual value.) The portfolio has $103.8 million in debt, with top three lenders as IceCap Group, Cross River Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 22 percent of the 129,250 square feet of built space are retail properties, with mixed-use properties next occupying 20 percent of the space. The bulk, or 77 percent of the built space, is in Bronx, with Brooklyn next at 23 percent of the space.

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