Spaxel Secures $51M Construction Loan From CIT Bank For 3 Bronx NY Projects

Spaxel, in partnership with CBREI, has secured a construction loan with CIT Bank for three construction projects in the Bronx, New York. The properties involved in this transaction are located at 2252 Aqueduct Ave, 1751 Monroe Ave, and 2702 Creston Ave. These multifamily assets boast a total square footage of 150,000 and consist of 180 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $51,000,000
• Loan Type: Construction

The lender in this deal is CIT Bank, providing a construction loan for the three Bronx projects. Playing a crucial role as the landlord, Spaxel joined forces with CBREI to secure this financing. Aaron Appel, representing Walker & Dunlop, served as the broker in this transaction.

With the loan amount of $51,000,000, Spaxel and CBREI were able to move forward with their construction plans in the Bronx. CIT Bank's support enables the development of these multi-unit properties, contributing to the growth and expansion of New York City's housing market.