BRONX, N.Y., Jan. 7, 2020 /PRNewswire/ — Brad Domenico, Partner at Progress Capital arranged an $85,000,000 loan to refinance 825 East 141st Street located in the Port Morris section of the Bronx.
Originally constructed in 1916, the building once served as a major baking facility for the Great Atlantic & Pacific Tea Company, also known as A&P and later became the world’s largest warehouse and rebuilding facility for food processing equipment for Union Standard Equipment Company. In 2016, the building was purchased in partnership by the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management who renovated it to include office, retail and industrial space with private parking, a roof deck and a penthouse with 20-foot ceilings. Today, the building is now known as ‘Union Crossing Bronx’. The property is currently occupied by Westhab, a non-profit organization that develops quality affordable housing, operates homeless shelters and provides youth programs and employment services. Approximately 280,000 SF remains available for leasing.
Union Crossing is conveniently located two blocks from the number 6 train and the Bruckner Expressway. Access to connective rail lines drove the early development of the Port Morris waterfront around the turn of the 20th Century and major transportation arteries continue to define the neighborhood today.
Domenico negotiated a LIBOR floating loan to replace the construction loan and provide necessary…