Popular Bank Lends $32M on Bronx Apartments Project

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Moses Freund’s Vaja Group has nabbed $32.2 million of construction financing to build a multifamily development in the Bronx, property records show.

Popular Bank provided the loan for Vaja Group’s planned 81-unit project at 2121 Glebe Avenue in the Westchester Square section of the Bronx. 

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PincusCo first reported the transaction.

The property was acquired by Vaga Group on July 17, 2023 for $4.5 million, according to Pincus. The property current consists of a 25,920-square-foot industrial building along with 21,753 square feet of air rights, Pincus data shows. 

“We’re excited to be part of this project, alleviating the need for housing and stimulating the economy of the neighborhood,” Greg Miedrzynski, Popular Bank’s New York metro commercial real estate  director, said in a statement. “Popular has been a staple in the Bronx for more than six decades and we remain committed to this vibrant community.”

Officials at Vaja Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com