January 14, 2020
Progress Capital arranged an $85-million loan to refinance 825 E. 141st St. in the Port Morris section of the Bronx. Built in 1916 as a baking facility for the A&P supermarket chain, the property today is known as Union Crossing Bronx, a mixed-use redevelopment with office, retail and industrial space.
Brad Domenico of Progress Capital negotiated a LIBOR floating loan to replace the construction loan and provide necessary funds to allow for tenant improvements and leasing commissions for lease-up.
The leasing brokers for the deal include Ellen Israel and Greg Smith of JRT Realty Group. LibreMax Capital, a New York-based asset management firm, provided the debt.
A partnership of Madison Realty Capital, the Altmark Group, the Bluestone Group and Galil Management acquired the 300,000-square-foot property in 2016 and completed a $45-million renovation. Union Crossing Bronx signed its first tenant last year; about 280,000 square feet remains available.
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