Pushing Forward Development Secures $403,750 Construction Loan For Multifamily Conversion In Bronx

The asset involved in this transaction is a multifamily property located at 151 Summit Place in the Bronx, featuring a total square footage of 880. The loan amount secured for the property is $403,750, categorized as a construction loan. The property is set to be converted into a multifamily asset with the addition of an accessory dwelling unit, facilitated by the City of Yes rezoning regulations.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $403,750
• Address: 151 Summit Place
• Market: Bronx
• Asset Size: 880 SF
• Landlord: Joshua Brown & Rayshaun Addison - Pushing Forward Development
• Loan Type: Construction
• Note from Landlord: Pushing Forward Development.
• Additional Context: Pushing Forward Development is active in all 5 boroughs seeking joint ventures and acquisition partnerships in the multifamily sector.

Key individuals in this transaction include Joshua Brown and Rayshaun Addison, who are representatives of Pushing Forward Development. They are overseeing the project aimed at enhancing the multifamily property market, particularly through innovative construction and development strategies, including the integration of additional dwelling units.