Brookfield Lands $438M Loan For 921-Unit Phase Of Bankside In The Bronx
Brookfield Properties has secured $438M in new construction financing for a 982K SF building at Bankside, its sprawling, mixed-use development in the South Bronx.
The loan, which will allow Brookfield to build the next phase of its development in Mott Haven, comes from Apollo Global Management, The Real Deal reports. Apollo’s loan will go toward creating more than half of Bankside’s planned units, serving as funding for the 921-unit, 25-story Lincoln at Bankside building.
Brookfield’s Bankside development will eventually house 1,350 apartments and span 4.3 acres in total, including 15K SF of retail space and a public park, costing $950M overall to construct. The Lincoln building topped out last year, and it is expected to open to residents in 2023.
Bankside opened its first units last week, with residents moving into some of the 458 units available at three towers making up the Third on Bankside property at 2401 Third Ave., which features a pool deck, fitness center, indoor bike storage and in-unit laundry for residents.
Some 134 units at Third on Bankside are rent-stabilized as part of Brookfield’s commitment to maintain 30% of the apartments as rent-restricted, available through New York City’s affordable housing lottery program. Monthly rents for apartments not included in the lottery ranged from $2,455 for a studio apartment to $7,334 for a three-bedroom unit with a private terrace, according to reporting from 6sqft.
In 2015, the NYC Department of Health and Mental Hygiene said Mott Haven was the city’s third-poorest neighborhood. In 2019, its poverty rate sat at around the 40% mark, with roughly 43% of residents earning $20K or less per year, according to the NYU Furman Center.
The Bankside development is the largest in the construction boom sweeping through Mott Haven in recent years. The area’s proximity to Manhattan, access to commuter trains, views of the city skyline and proximity to the Harlem River lured around 20 development projects to the neighborhood, fueling the creation of 5,000 apartments, The New York Times reported last fall.
Developers include RXR Realty and Somerset Partners, which are building a 27-story tower at 2413 Third Ave., while JCS developed a 12-story mixed-use building at 276 Grand Concourse.