Supreme Equities recently acquired $16 million in construction financing for a new mixed-use residential building in The Bronx’s Allerton neighborhood. Located at 653-655 Mace Avenue, the seven-story building will yield 53 rental apartments, residential amenities, and community facility space on the ground floor.
The $16 million transaction originated from ACRES Capital Corp and was arranged by Progress Capital.
Designed by J Frankl Associates, the building will comprise 57,000 square feet. The property’s residential component will offer a mix of two- and three-bedroom rentals, of which 30 percent will be marketed as affordable homes.
Amenities will include parking accommodations for 27 vehicles, a communal terrace, and possibly more to be announced from Supreme Equities. The ground-floor community space spans approximately 15,000 square feet and will reportedly debut as a medical facility.
“We are very excited to once again be investing in New York City with the Mace Avenue project,” said ACRES CEO and president Mark Fogel in an official company statement. “The sponsor has deep experience in the Bronx submarket, which will ensure the property’s business plan accommodates the needs of local residents.”
The project team has not commented on when the new property is expected to be completed, but the confirmed financing is a good sign that the development is on track.