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South Bronx’s Biggest Construction Loan Yet Goes to MXU
S3 Capital Partners has originated a $140-million construction loan for Chess Builders and its mixed-use development at 210 E. 135th St. in the Bronx’s Mott Haven neighborhood. It’s reportedly the largest construction financing in the South Bronx to date.
The financing will drive the construction of two 25-story towers, consisting of 430 rental apartments, including 129 affordable units; 24 hotel rooms; 5,000 commercial square feet and 210 parking spaces. “We believe in the growing potential of the South Bronx,” said S3 Capital’s Joshua Crane.
“The sterling reputation of the developer played a major part in completing this transaction,” said Isaac Filler, senior broker for Meridian Capital Group, which arranged the transaction.
“Chess Builders has always been on the forefront of developing large projects in New York City’s active markets,” he added. “The Bronx was a natural progression after completing numerous successful projects in Long Island City and Brooklyn.”
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