Developers behind a sprawling mixed-use community in The Bronx recently secured an $18.85 million injection from Meridian Capital Group, one of the largest mortgage brokerage firms in the United States. The funding is specifically allocated to facilitate the construction of a new building at 2475 Exterior Street located along the Harlem River, immediately south of the Alexander Hamilton Bridge.
The new property will comprise 495,000 square feet and is the latest confirmed project within the Fordham Landing mega-development. The building will contain a mix of affordable housing units, student housing, a public school, a research center, retail, and office space.
The entire Fordham Landing development comprises an assemblage of five neighboring lots spanning approximately 40 acres of land formerly owned by CSX Corporation, a publicly traded holding company with a focus on rail transportation. Under CSX, the site functioned as a rail yard. Dynamic Star, the new property owner, acquired the assemblage in 2019 and expects full completion by 2029.
“The loan proceeds will be used to facilitate the acquisition of the CSX site and fund interest, carry, and closing costs,” said Ronnie Levine, senior managing director of Dynamic Star. “Our next step is to pair Dynamic Star with a strong equity partner who will able to take advantage of significant tax benefits as some of the assemblage falls within an Opportunity Zone. Dynamic Star has successfully closed on the scrapyard parcel, as well as the La Salle piece, and is now moving forward with their work with city planning to make this dream a reality.”