Progress Capital Secures $16M Loan For 653-655 Mace Ave Mixed-Use Development

Progress Capital has secured $16 Million in financing for a mixed-use development located at 653-655 Mace Avenue in the Allerton section of the Bronx. The property spans 60,000 square feet and will comprise 53 residential units along with 16,000 square feet of commercial space. Notably, 30% of the residential units will be designated as affordable housing. The loan, provided by ACRES Capital, amounts to 80% Loan-to-Cost (LTC) and is a non-recourse construction loan.

Summary of Transaction Details

• Property Type: Mixed-use
• Transaction Amount: $16,000,000
• Address: 653-655 Mace Avenue, Allerton Section, Bronx
• Market: Allerton Section, Bronx
• Lender: ACRES Capital
• Landlord: Supreme Equities – Abraham Wieder
• Brokers: Abe Mann – Progress Capital

Abe Mann of Progress Capital played a pivotal role in representing Supreme Equities in securing the financing for this project. In light of the challenges posed by the COVID-19 pandemic, including significant delays in obtaining necessary permits, Mann expressed his gratitude to all parties involved, particularly the underwriters at ACRES Capital who maintained the agreed-upon loan structure, rate, and terms throughout the process.

Contact Abe Mann at: (917) 574-3810 or [email protected]