MF1 Capital Provides $51M in Gap Financing on Bronx Multifamily
Jacob Schwimmer’s JCS Realty is using the loan to consolidate three mortgages into a single $141 million lien on the new development at 40 Bruckner Boulevard
By Brian Pascus January 2, 2024 4:15 pm
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An entity connected to Jacob Schwimmer and JCS Realty has secured $51 million in gap mortgage financing for a mixed-use, luxury, affordable housing project in the Mott Haven neighborhood of the Bronx, N.Y., according to property records.
MF1 Capital provided the gap mortgage. While 40 Bruckner Realty LLC is the lessee on the mortgage, Schwimmer signed his name as an authorized signatory on the loan.
The $51 million in gap financing from MF1 Capital consolidates two previous mortgages made in 2022 by Valley National Bank — a $72.7 million construction loan and a $17.7 million project loan — to create a single lien amount of $141.5 million, according to property records.
Located at 40 Bruckner Boulevard, Bruckner House is a 12 story, 365-unit mixed-use residential building that has reserved 110 units for residents at 130 percent of the area-median-income. An affordable housing lottery for those units launched in August 2023, where Bronx residents making between $98,915 and $198,250 are eligible for studio, one-bedroom, and two-bedroom units.
The building began leasing units at the end of 2023.
Bruckner House includes nearly 250,000 square-feet dedicated to residences, 17,098 square-feet reserved for commercial space, and a 629 square-foot community space. Amenities include an inner garden for residents, a roof deck, children’s playroom, media room, swimming pool, fitness studio, and a parking garage.
Sitting at the intersection of Alexander Avenue and Bruckner Boulevard, just off East 134th Street in Mott Haven, Bruckner House is steps away from the Harlem River and a stone’s throw from Randall’s Island. The property is near the 3rd Avenue-138th Street subway station and sits adjacent to the Robert F. Kennedy Triborough Bridge that connects the Bronx to Manhattan, Queens, and by extension, Brooklyn.
MF1 Capital and JCS Realty officials did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
