Valley National Bank leads $125 million loan for luxury Bronx apartments – Business Observer
Chess builders secured $125 million in permanent funding for its multi-family development in the Bronx, Commercial Observer has learned.
National Bank of the Valley led the transaction for the company’s 430 newly built units The Arches property in the Mott Haven section of the Bronx. Crédit Mutuel Bethpage, Community Bank of Bayonne and bankwell bank also participated in the financing.
Terry Mccardlevice president and head of loans at Valley National Bank, led the operation. Earthstone Capitalit is Lea Paskus and Pinchas Vogel arranged the financing.
Officials from Valley National Bank, Chess Builders and Landstone Capital did not immediately respond to requests for comment.
Brooklyn-based Chess Builders recently sold The Arches fee position for $105 million to capital haven, The real deal first reported. Chess Builders has also been granted a long-term sale-leaseback for a 99-year ground lease, by TRD.
Meridian Capital Group arranged both transactions.
Located at 224-228 East 135th Street, The Arches includes studios, one-bedroom and two-bedroom luxury apartments. Amenities at the 25-story property include multiple lounges, workspaces, library, movie screening room, fitness center, children’s playroom, rooftop terrace, parking, spa and on-site emergency care services.
Monthly rents at The Arches range from $2,150 for studios to $2,950 for two bedrooms, depending on the property. website.
Andrew Coen can be reached at [email protected].