November 21, 2019
Manatus Development Group secured $24 million from TD Bank to finance construction of a mixed-use office building in the Bronx’s Mott Haven neighborhood. The ground-up project at 362 E. 148th St. will be the new flagship location of human and social services nonprofit Samaritan Daytop Village.
The two-year loan includes a six-month extension option and carries a rate of 4.5%, 2.75% over 30-day Libor, and a 70% loan-to-cost ratio.
Max Ralby of HKS Real Estate Advisors negotiated the debt on behalf of Manatus, which specializes in affordable housing and building projects for non-profit organizations.
“The highly experienced sponsorship, prime location within the Bronx, and strength of Samaritan made for a very competitive marketing process, with interest from national and local banks, debt funds and not-for-profit lenders, among others,” said Ralby. “Lenders really understood Samaritan’s history” and therefore “had full confidence in the sponsor to deliver an amazing space.”
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