It’s déjà vu all over again at Eastchester Heights in the Bronx, which is the subject of another nine-figure loan.
Taconic Investment Partners and Clarion Partners received a $130 million loan for the five-block housing complex, the Commercial Observer reported. The loan came from Wells Fargo, while Eastdil Secured negotiated the financing.
If this sounds familiar, it’s because the two firms landed a $115 million mortgage from Capital One in 2018. That deal replaced a $110 million mortgage from Capital One that was generated in 2016. The latest loan retires the $115 million mortgage, according to the Observer.
The complex contains a series of 115 low-rise buildings, ranging from four to six stories with 1,416 rent-stabilized apartments. One of the largest residential developments in the borough, Eastchester Heights spans almost 15 acres. Amenities include basketball courts and a playground.
Taconic and Clarion acquired the complex for $133 million in 2007. The transaction marked Taconic’s first move in the affordable housing market at the time.
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Outside of retiring the old debt, the loan will also allow the firms to make capital improvements at the complex. According to the Observer, Clarion and Taconic have spent the last 14 years upgrading the landscaping, entrances, security and sustainability of the property. A 200,000-square-foot solar rooftop was installed in July.
Taconic and Clarion are frequent partners on projects in the Bronx. In October 2018, the partners picked up a pair of apartment buildings in Concourse for $27.8 million. All of the units involved were rent-stabilized. The partners used a $17 million loan from Sterling National Bank to purchase the properties from City Skyline Realty.
[CO] — Holden Walter-Warner