Chess Builders has locked up a $140 million construction loan for the development of a mixed-use project in the Mott Haven section of the Bronx. Located at 210 East 135th Street, the scheme will feature two 25 story towers encompassing 24 hotel rooms, 5,000 sqf of commercial space, 210 parking spaces and 430 apartment rental units, of which 129 will be designated as affordable. The two towers will total 346,632 sqf of residential space with an average unit size of 745 sqf. Chess Builders acquired the 50,000 sqf site for $15.47 million in 2015. S3 Capital Partners originated the funding on behalf of the transaction’s sponsor, Cheskel Schwimmer of Chess Builders.
“We believe in the growing potential of the South Bronx,” said Joshua Crane, CoFounder and Principal, S3 Capital. “The continued activity from both private owners and large institutional developers make the area very attractive for development and investment. Cheskel Scwimmer is a best in class developer and brings decades of successful projects in New York City.”
