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New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Spaxel and Atalaya Capital Management Secure $82M for Bronx Multifamily Properties 

Spaxel LLC and Atalaya Capital Management have secured $50.8 million in financing and $30.9 million in LP equity for the development of three affordable multifamily properties in the Bronx. CBRE Investment Management provided the equity investment, and the financing was provided by CIT.  

Located at 2710 Creston Avenue, 2250 Aqueduct Avenue, and 1751 Monroe Avenue. All three buildings are Passive House Certified, an ESG certification for energy efficiencies and operational savings. The properties use the Section 8 program to provide a total of 179 units of affordable housing. The development projects are part of the now-expired 421(a) program.  

Walker & Dunlop’s Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno arranged the equity and financing on behalf of the borrower. “We look forward to seeing the sponsorship successfully complete each of these projects and bring much-needed affordable housing to the Bronx.” said Appel.  

Read More News Stories About: CBRE, Walker & Dunlop
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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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