JCAL Development Secures $26M Refi for South Bronx Apartment Building

Bronx-based private real estate development and construction company JCAL Development Group has secured a loan to refinance the Bridgeline apartments in the South Bronx.

Webster Bank provided the two-year, fixed-rate loan for $26.35 million to shore up the finances of the 91-unit luxury building at 329 East 132nd Street in the Mott Haven neighborhood of the Bronx, according to Cushman & Wakefield, which arranged the transaction.

The building along the Harlem River began leasing to tenants in August 2018, according to New York YIMBY.

“The Bridgeline benefits from a sought-after mix of high-quality Class A product that is situated on a transit-oriented site in the Bronx, affording residents easy access into Manhattan,” Brad Domenico, vice chair at C&W, said in a statement. “Those fundamentals, combined with stabilized occupancy and amenities typically seen in higher-barrier submarkets, drove significant lender interest for this deal and, ultimately, a smooth close.”

Domenico, part of C&W’s equity, debt and structured finance team, represented the borrower alongside Frank Stanislaski and Ethan Thompson.

Webster Bank did not immediately respond to a request for comment.

It’s unclear whether the refinancing retires a $22.1 million construction loan from First Niagara Bank that was issued in 2016 when the building was being developed with Altmark Group.

The 12-story building was designed by Aufgang Architects and features hardwood floors  and floor-to-ceiling windows. It is composed mostly of studio and two-bedroom apartments.

Mark Hallum can be reached at mhallum@commercialobserver.com.