Apex Development And Knickpoint Ventures Secure $62 Million Loan For Bronx Educational Facility

The asset involved in this transaction is a development site located at 1780 East Tremont Avenue in the Bronx, featuring a building size of 59,000 square feet. The property is set to host an educational facility which will be leased to Nuasin Next Generation Charter School, supported by a construction loan of $62,000,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $62,000,000
• Address: 1780 East Tremont Avenue
• Market: Bronx
• Asset Size: 59,000 BSF
• Lender: Low Income Investment Fund, Reinvestment Fund, Enterprise Community Loan Fund, NYCR, Industrial Bank, Chase Bank
• Landlord: Andrew Esposito & Chris Karalis - Apex Development; Matthew Sprayregen & Zain Koita - Knickpoint Ventures
• Brokers: James Murad, Adam Hakim - Ripco; Dan Klaff - Crow Island Community Capital
• Loan Type: Construction

This financing package represents a joint venture between Apex Development and Knickpoint Ventures. The capital stack is noted to include a syndication of three CDFI lenders alongside three new market tax credit investors. The placement of the first mortgage construction loan was facilitated by RIPCO's Debt & Structured Finance team, while Crow Island Community Capital advised on securing the New Market Tax Credit investment.