Lakeland Bank Provides $8.25M Acquisition/Renovation Loan For Vacant Retail Property On Grand Concourse In The Bronx

The property involved in this closed transaction is a vacant 31,750 square foot retail space located at 2526 Grand Concourse in Bronx, NY. Formerly known as 'Apple Bank', the property is being repositioned to attract national retail tenant(s). The acquisition and renovation loan for this property was facilitated by Lakeland Bank.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $8,250,000
• Date: 1/11/18
• Loan Type: Acquisition / Renovation Loan

Maddd Equities, led by Jorge Madruga, is the landlord of the property. Brad Domenico, a partner at Progress Capital, acted as the broker in this transaction. The loan arranged by Brad Domenico included a 24-month interest-only period for interior renovations. Upon stabilization, the loan will be transferred to a permanent mortgage with a 10-year term.