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**Bronx Mixed-Use Property Secures $20M Bridge Refinance**
A mixed-use property located at 2500 Barker Avenue in the Bronx has secured a $20 million bridge refinance loan. The 24-month, floating-rate loan was provided by Bridge Debt Strategies and was arranged by Abe Mann, principal of Mann Capital Advisors, on behalf of an ownership group led by Theodore Trachtenberg.
The approximately 55,000-square-foot property includes 53 residential units and two floors of commercial space. Over 80% of the residential units are currently leased, largely through the CityFHEPS subsidy program.
“The property has demonstrated strong leasing velocity overall, and the structure of this refinance provides sufficient runway to complete full stabilization with an attractive interest rate,” said Mann. “Bridge Debt Strategies delivered a bespoke financing solution that aligns well with the asset’s trajectory and the ownership’s business plan.”
The property will benefit from a 421-a tax abatement, which will support in-place cash flow. The commercial space is currently being marketed by Meridian Retail Leasing.
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