Morgan Stanley Provides $96M Refi for Bronx Apartment Complex

Altmark Group has secured $96 million to refinance The Motto, a 264-unit multifamily apartment complex that opened in New York City’s Bronx neighborhood in 2023 and mixes luxury units with affordable housing.

Morgan Stanley provided the five-year, fixed-rate loan, while Cushman & Wakefield’s Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski arranged the debt. 

Domenico noted that the property features both market-rate and affordable units and is currently 94 percent leased. 

“The property blends thoughtful, high-end design with much-needed housing in what is one of the city’s fastest-growing neighborhoods,” he said. “The Motto represents the kind of project that we’re proud to stand behind.”

At 2455-2457 3rd Avenue in the Bronx’s Mott Haven neighborhood, The Motto stands 24 stories tall and features studios through two-bedroom apartments that include views of nearby Queens and the Harlem River. Of the building’s 264 units, 80 are reserved for affordable housing, while amenities include coworking lounges, a rooftop terrace, a fitness center, a media room, a yoga room and on-site parking. 

The building launched a housing lottery for its affordable units in July 2023, where incomes ranged between $80,000 and $187,000, depending on the size of the apartment. 

Altmark Group is led by chairman and founder Moshe Altmark. The firm began developing and investing in commercial real estate in the 1970s, with investments in properties across the Bronx. Today, it holds a portfolio of 3 million square feet. 

The Altmark Group did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.