May 1, 2019
The Domain Companies has purchased a pair of parcels in an Opportunity Zone within the Bronx’s Mott Haven section for $38.5 million. Totaling 44,500 square feet, the sites at 445 Gerard Ave. and 414 Gerard Ave. allow for the development of an approximately 428,906-square-foot mixed-income, mixed-use residential property.
“We’re looking forward to growing within and alongside the Bronx community with these recent acquisitions,” said Matt Schwartz, Domain’s co-CEO.
Financing for the Mott Haven acquisition was provided by equity partner Hunt Real Estate Capital, senior lender Centennial Bank, and mezzanine lender Sherwood Equities. The $30 million in acquisition financing from Centennial Bank and Sherwood Equities was arranged by Christopher Peck at HFF. NKF served as the investment sales broker for the deal.
“Domain’s history of community engagement, coupled with the potential for inclusive growth in the South Bronx through mixed-income housing, represents what we believe is the intent of the Opportunity Zone program,” said Rachel Diller with Hunt Real Estate Capital.
For comments, questions or concerns, please contact Paul Bubny