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BRONX, NY-Ozone Park-based Tahoe Development is redeveloping four buildings here. The mixed-use project, called "Tahoe in the Bronx," will add 34 apartments as well as retail space to the Boston Road/Clinton Avenue section of the borough, which the developer calls "up and coming."
Metropolitan National Bank of New York is providing nearly $10 million in financing for the projects. MetBank first provided Tahoe with a $4.2 million construction loan package. Then the bank approved two additional new construction projects totaling just under $4.8 million.
Initially the project was conceived under the Quality Housing Program and the loan was approved for the construction of two 24-unit apartment buildings, explains Thomas Moore, the MetBank commercial mortgage executive who structured the deal. Subsequent to closing, Tahoe gained approval for a change in plans to build retail within the project. MetBank then modified the loan to reflect the change.
Anthony Gurino, who founded Tahoe in 1996, says the outer borough markets are "hot zones" for residential construction right now. Other Tahoe projects are located on Webster Avenue, Southern Boulevard and Jerome Avenue in the Bronx as well as in Brooklyn and Queens. "Currently we are constructing 125 condominium units and 32 high-end apartments in Greenpoint and Williamsburgh."
MetBank says it has seen an increase in commercial and residential construction activity in urban neighborhoods throughout the city. "We're seeing increased construction activity in neighborhoods throughout the five boroughs and beyond with the emphasis on creating new, affordable housing," says Mark R. DeFazio, president and CEO.
MetBank provided financing for the Jackson Group's housing project in the South Bronx, which added 40 new one- and three-bedroom apartments to the housing stock there at Marmion Avenue and Southern Boulevard. The firm used their own funds to start the project, while later MetBank, rather than providing a traditional construction loan, structured a $3.7-million line of credit for them.
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