Valley National Bank Leads $125M Loan for Bronx Luxury Apartments
Chess Builders has nabbed $125 million of permanent financing for its Bronx multifamily development, Commercial Observer has learned.
Valley National Bank spearheaded the transaction for the firm’s newly constructed 430-unit The Arches property in the Bronx’s Mott Haven section. Bethpage Credit Union, Bayonne Community Bank and Bankwell Bank also participated in the financing.
Terry Mcardle, vice president and loan officer at Valley National Bank, led the deal. Landstone Capital’s Leah Paskus and Pinchas Vogel arranged the financing. Meridian’s Helen Hwang negotiating the fee portion of the deal.
Officials at Valley National Bank, Chess Builders and Landstone Capital did not immediately return requests for comment.
Brooklyn-based based Chess Builders recently sold The Arches’ fee position for $105 million to Haven Capital, The Real Deal first reported. Chess Builders also secured a long-term leaseback for a 99-year ground lease, per TRD.
Meridian arranged both of the sales transactions.
Located at 224-228 East 135th Street, The Arches comprises studios, one-bedroom and two-bedroom luxury apartments. The 25-story property’s amenities include multiple lounges, working spaces, a library, movie screening room, fitness center, children’s playroom, rooftop terrace, parking, spa and onsite urgent care services.
Monthly rents at The Arches range from $2,150 for studios to $2,950 for two bedrooms, according to the property’s website.
Andrew Coen can be reached at firstname.lastname@example.org.