PCCP Provides $130M Construction Loan for Mott Haven Mixed-Use Project

A joint venture between Shorewood Real Estate Group and Bogopa Enterprises has secured $130 million in construction financing to build The 360, a 13-story, grocery-anchored residential property that will deliver 304 apartment units to the Bronx, Commercial Observer can first report. 

PCCP provided the construction debt, while a JLL Capital Markets team of Lauren Kaufman and Nicco Lupo arranged the financing.

In a statement, Larry Davis, CEO and president of Shorewood Real Estate Group, said the financing will allow his firm to create “much-needed housing and community-serving retail to Mott Haven.”

Meanwhile, PJ Finley, vice president at PCCP, described the upcoming asset as a “thoughtfully designed [building] to match the demand in the market.”

“We are excited to play a role in delivering housing to the Bronx,” Finley added. 

Located along the Grand Concourse in Mott Haven, The 360 will feature studio to two-bedroom apartments divided among 228 market-rate and 76 affordable units. Amenities inside the building will include rooftop lounge, a fitness center, several coworking spaces, on-site parking and bike storage. 

The ground floor of the building has already been pre-leased to Food Bazaar, a grocery store food hall holding approximately 47,892 square feet of ground-floor retail space. 

“The 360 generated strong interest from lenders who recognized the compelling combination of a best-in-class sponsorship, a differentiated grocery-anchored residential concept and the continued evolution of Mott Haven,” said JLL’s Kaufman.

Construction is anticipated to finish in 2028. 

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