The Transaction is the Largest Construction Loan to Date in the South Bronx
NS3 Capital Partners, one of the most prominent private lenders in New York, has originated a $140 million construction loan for Chess Builders and its new development at 210 East 135th Street in the South Bronx. The financing will drive the construction of two 25-story towers, consisting of 430 rental units (of which 129 are affordable), 24 hotel rooms, 5,000 commercial square feet and 210 parking spaces.
210 East 135th Street is in the Mott Haven section of the Bronx, one of the hottest real estate markets in the five boroughs. Mott Haven benefits from its proximity to Manhattan and its affordable rental rates. The property is just four blocks from the 4, 5 and 6 subway lines and one block from Bruckner Boulevard, the main corridor for retail, bars and restaurants in the neighborhood.Additionally, the property is walking distance to local attractions such as St. Mary’s Park, the Bronx ArtSpace and the South Bronx Farmers Market, as well as is a short drive to Yankee Stadium. Brookfield’s 1.4 million-square-foot development site adjacent to the street from the property.
“We believe in the growing potential of the South Bronx,” said Joshua Crane, Co-Founder and Principal, S3 Capital. “The continued activity from both private owners and large institutional developers make the area very attractive for development and investment. Cheskel Scwimmer is a best-in-class developer and brings decades of successful projects in New York City. We are proud to help him achieve his vision in the South Bronx.”
The transaction’s sponsor, Cheskel Schwimmer of Chess Builders, has successfully been developing properties in the New York City area for more than 20 years. His numerous projects include 561 Flushing Avenue, 616 Bedford Avenue, 102-108 South 8th Street, 407 Berry Street, 563 Flushing Avenue, 50-09 2nd Street, 342 East 112th Street, 410 East 120th Street and 601 Ocean Parkway.
“The sterling reputation of the developer played a major part in completing this transaction,” said Isaac Filler, Senior Broker for Meridian Capital Group, which arranged the transaction. “Chess Builders has always been on the forefront of developing large projects in New York City’sactive markets. The Bronx was a natural progression after completing numerous successful projects in Long Island City and Brooklyn.”
About S3 Capital partners
S3 Capital Partners is one of the most active bridge and construction lenders in New York City and its surrounding markets. S3 has closed over 300 loans since 2014 totaling well over $1.5 billion. The firm employs a team of experienced industry professionals in origination, asset management, construction, finance, risk management and underwriting. S3 is a subsidiary of Spruce Capital Partners, a New York City based real estate owner, developer, and investor. S3 has expertise in development and construction, a deep understanding of the market and a committed pool of capital at the ready. For more information, please visit www.s3cap.com.
