PCCP Provides $130 Million Senior Loan For Shorewood Real Estate Group's 304-Unit Development
350 Grand Concourse
$130,000,000
Units
304
Asset Type
—
Closing
May 13, 2026
About this deal
AI
350 Grand Concourse in the Bronx is a multi-family asset featuring 304 residential units and a grocery store covering 47,892 square feet. The property is currently under development by Shorewood Real Estate Group and Bogopa Enterprises, with Food Bazaar projected as the anchor tenant.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $130,000,000
- Lender: PCCP
- Landlord: Larry Davis - Shorewood Real Estate Group
- Broker: JLL
- Loan Type: Senior
The financing arrangement reflects a significant collaboration between PCCP and the developers, facilitating the realization of a substantial apartment development within the Mott Haven area. Larry Davis represents Shorewood Real Estate Group in this transaction, highlighting the involvement of key stakeholders in the project’s progression.
On the Map
$130,000,000
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Players
Grant CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93