Women In Need signs $73.8M construction loan for 95-unit project in Mott Haven

The nonprofit Women In Need through the entity Powers Transitional Housing Development Fund Corp. as borrower signed a new construction loan with a trust in care of UMB Bank valued at $73.8 million for the property at 323 Jackson Avenue in Mott Haven, Bronx.
On the lot, there is one active new building construction project for a 95-unit, 89,005 square-foot residential (R-2) building. The project was developed by Rondel Boodram with plans filed July 12, 2022 and it has not been permitted yet.
The loan closed on February 22, 2023 and was recorded on February 28, 2023. The property has zero square feet of built space according to PincusCo analysis of city data.
The signatory for Women In Need was Rondel Boodram. The signatory for Women In Need (323 Jackson Ave Bronx) Contract-Backed Pass-Through Trust and UMB Bank was DeAnn Madsen.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 72,000 square feet of the 111,095 square feet. The identified owner is Department of Homeless Services.
On the tax block, there was one new building construction project filed totaling 89,005 square feet. It is a 95-unit, 89,005-square-foot R-2 building developed by Rondel Boodram with plans filed July 12, 2022 and permitted January 20, 2023.

The majority, or 65 percent of the 111,095 square feet of built space are walkup buildings, with elevator buildings next occupying 35 percent of the space.

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