Walker & Dunlop Provides $163M Bridge Loan for Bronx Multifamily Development
Cheskel Schwimmer’s Chess Builders has locked down a $163 million refinance for The Arches, two Class A multifamily development towers in the Mott Haven neighborhood of the Bronx, Commercial Observer has learned.
Walker & Dunlop provided the bridge loan in a transaction negotiated by Meridian Capital Group’s Ronnie Levine, Isaac Filler and Thomas Wayda. Walker & Dunlop’s Geoff Smith led the transaction on behalf of the lender.
The Arches, at 224-228 East 135th Street, is a 430-unit, luxury multifamily development on the Harlem River. The property comprises two 25-story towers with sweeping views of the Manhattan skyline from balconies and oversized windows. A housing lottery was launched last August for the property’s 129 middle-income units.
The new financing retires $140 million in construction debt, provided by S3 Capital Partners in 2019, also arranged by the Meridian team.
“We are proud to have represented and worked alongside the talented Chess Builders’ team again in financing The Arches, having previously arranged construction financing for this project,” Filler said. “As demonstrated by this transaction, capital for Class A multifamily projects developed by strong and experienced sponsors remains plentiful.”
Property amenities include a business center and numerous social spaces, including a children’s playground, a cafe, a gym and yoga room, and a landscaped roof garden. Residents also have access to a 225-space, on-site parking garage.
Mott Haven is one of the most buzzed about neighborhoods from a development standpoint, and construction has continued to inch along during the pandemic. The Arches conveniently sits one block from Bruckner Boulevard, the area’s main artery, and a short drive from Yankee Stadium.
“The Arches is actively setting a new standard for luxury and quality in the Mott Haven neighborhood, a submarket experiencing a true renaissance with investment from numerous market leaders including Chess,” Filler added.
Walker & Dunlop officials did not immediately return a request for comment.