Alembic Community Development Secures $34.1 Million Construction Loan From Enterprise Community Partners In Mott Haven Bronx
349 East 140th Street
$34,100,000
$1,573/SF
Building Size
21,675 SF
Asset Type
Special Purpose
Closing
Jul 30, 2026
AI
The asset involved in this transaction is a special purpose building located at 349 East 140th Street in the Mott Haven neighborhood of the Bronx. The building encompasses a total square footage of 21,675 and a building square footage of 24,300. A construction loan amounting to $34,100,000 was secured for this property.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $34,100,000
- Address: 349 East 140th Street
- Market: Mott Haven, Bronx
- Lender: Enterprise Community Partners
- Landlord: Benjamin Warnke - Alembic Community Development
- Loan Type: Construction
This transaction involves Alembic Community Development securing the construction loan from Enterprise Community Partners, highlighting the partnership between the two entities in bringing this development project to fruition.
Players
Bronx Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93