Fordham Landing Seeks Out Equity Player to Utilize OZ Tax Benefits
Dynamic Star, a real estate development and investment firm, is in search of an equity partner to capitalize on the Opportunity Zone benefits at its development site in the Bronx called Fordham Landing, a $3.5 billion mixed-use community.
NEW YORK CITY- Dynamic Star, a real estate development and investment firm, is in search of an equity partner to capitalize on the Opportunity Zone benefits at its development site in the Bronx called Fordham Landing, a $3.5 billion mixed-use community. The property sits in the University Heights neighborhood in the Bronx. Meridian Capital Group is tasked to arrange the financing for part of the assemblage that falls in the zone.
Recently, Meridian Capital arranged an $18.85 million financing for the CSX site within the Fordham Landing assemblage. The 12-month bridge loan will go toward the acquisition of the CSX site’s fund interest, carry and closing costs, according to Ronnie Levine, senior managing director at Meridian Capital, who arranged the transaction.
Now that the CSX loan is closed, Levine said the “next step is to pair Dynamic Star with a strong equity partner who will be able to take advantage of significant tax benefits as some of the assemblages fall 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.”
The 495,000-square-foot site is located at 2475 Exterior St. along the Harlem River. It is one piece of Fordham Landing that will feature 3,248 mixed-use and affordable residential units, student housing, a public school, a life sciences research center, and retail and commercial space. The project also encompasses the enlargement and modernization of the Metro-North station at West Fordham Road.
Comprised of approximately 40 acres of mostly vacant land between the Harlem River and the Major Deegan Expressway, Fordham Landing will provide waterfront access, convenience to public transport, high-quality residences and student housing. Local institutions include Bronx Community College, Fordham University, Lehman College, Manhattan College, and Monroe College.