Progress Capital Arranges $50M Construction Loan for DREAM Charter School in the Bronx

Brad Domenico, Partner at Progress Capital, secured a $50 million construction loan for the long-vacant Ruppert Ice House located at 18-22 Bruckner Boulevard in the Mott Haven neighborhood of the Bronx.

Jorge Madruga’s MADDD Equities acquired the property along with partners Eli Weiss and Drew Katz and is converting the building to a K-12 “DREAM” Charter School. DREAM (non-profit) provides inner-city youths of East Harlem, the South Bronx and Newark with opportunities and inspiration by recognizing their potential to fulfill their dreams.

One of the challenges that Brad faced during the loan process included the ongoing impact resulting from COVID-19. With volatility in the markets, difficulties in underwriting credit risk and disruption with construction projects, Brad needed to navigate many hurdles to get to the closing table.

The 188,000 SF space will be designed by world renowned architect, Sir David Adjaye, who designed the National African American Museum and was recently knighted by Her Majesty the Queen for services to Architecture. All levels will be fully renovated, including adding specialty classrooms such as a dance Room, art Room, graphic design lab, a library hall, and a large 6,670 SF gymnasium. The rooftop will be transformed into a full recreational space/ playground for the students. “It’s one of these projects that you feel will define your whole life,” said Weiss. “You’re taking a building that’s been vacant for decades and using it to educate inner-city youth.”

The property’s history includes serving as a former ice warehouse built at the turn of the century by American brewer Jacob Ruppert, Jr. Ruppert is best known as the owner of the New York Yankees and the man who built the original Yankee Stadium. Over the last couple of years, the immediate neighborhood has seen a whirlwind of new developments and a transformation of old buildings into hip urban spaces.

Maddd Equities LLC is a real estate development and investment firm based in New York. Jorge Madruga has over twenty years of experience in acquisitions, construction, asset repositioning and development across a broad spectrum of property types. Maddd Equities manages a portfolio of 3,000 multifamily units as well as roughly 500,000 SF of commercial space.

Progress Capital is a commercial real estate advisory firm with over $40 billion in closed loans and $150 million of directly funded bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…plain and simple.