Azimuth Development Group Secures $68.9M Construction Loan In Melrose, Bronx

The construction loan valued at $68.9 million was secured by Azimuth Development Group for two new building projects located at 450 East 158th Street and 407-409 East 158th Street in Melrose, Bronx. The loan was provided by the NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $68,900,000
• Market: Melrose, Bronx
• Address: 450 East 158th Street & 407-409 East 158th Street
• Asset Type: Development Site
• BSF: 44,489
• Lender: NYS Housing Finance Agency & NYC Department of Housing Preservation & Development
• Landlord: Guido Subotovsky - Azimuth Development Group
• Loan Type: Construction

The loan was secured by Azimuth Development Group, led by Guido Subotovsky, for the development of the properties in Melrose, Bronx. The NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development played a crucial role as lenders in the funding of these building projects.