Spaxel and Atalaya Capital Management Secure $82M for Bronx Multifamily Properties
Spaxel LLC and Atalaya Capital Management have secured $50.8 million in financing and $30.9 million in LP equity for the development of three affordable multifamily properties in the Bronx. CBRE Investment Management provided the equity investment, and the financing was provided by CIT.
Located at 2710 Creston Avenue, 2250 Aqueduct Avenue, and 1751 Monroe Avenue. All three buildings are Passive House Certified, an ESG certification for energy efficiencies and operational savings. The properties use the Section 8 program to provide a total of 179 units of affordable housing. The development projects are part of the now-expired 421(a) program.
Walker & Dunlop’s Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno arranged the equity and financing on behalf of the borrower. “We look forward to seeing the sponsorship successfully complete each of these projects and bring much-needed affordable housing to the Bronx.” said Appel.
Spaxel and Atalaya Capital Management Secure $82M for Bronx Multifamily Properties
Spaxel and Atalaya Capital Management Secure $82M for Bronx Multifamily Properties
Spaxel LLC and Atalaya Capital Management have secured $50.8 million in financing and $30.9 million in LP equity for the development of three affordable multifamily properties in the Bronx. CBRE Investment Management provided the equity investment, and the financing was provided by CIT.
Located at 2710 Creston Avenue, 2250 Aqueduct Avenue, and 1751 Monroe Avenue. All three buildings are Passive House Certified, an ESG certification for energy efficiencies and operational savings. The properties use the Section 8 program to provide a total of 179 units of affordable housing. The development projects are part of the now-expired 421(a) program.
Walker & Dunlop’s Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno arranged the equity and financing on behalf of the borrower. “We look forward to seeing the sponsorship successfully complete each of these projects and bring much-needed affordable housing to the Bronx.” said Appel.
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