NEW YORK--(BUSINESS WIRE)--Somerset Partners has completed a $24.5 million land loan from Kushner Companies, which will help spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven – 9 Bruckner Boulevard and 2413 Third Avenue. This marks the latest transaction for Kushner Credit Opportunity Fund, the lending arm of Kushner Companies. The loan closed on August 29, 2017.
This loan keeps Kushner Credit Opportunity Fund on a path to reach its goal of providing $250 million in real estate lending this year, which represents a substantial increase over last year.
“We're actively pursuing high-value lending opportunities for Kushner Credit Opportunity Fund, and this deal had all the right ingredients: a great sponsor, development sites with tremendous potential, and a neighborhood experiencing a wave of investment and renewed vibrancy," said Laurent Morali, President of Kushner Companies.
9 Bruckner Boulevard is a vacant, two-story warehouse that will eventually be re-developed into retail space. 2413 Third Avenue, located one block away, is a future development site that is expected to include retail and residential components.
Robert Verrone and Robert Vernicek of Iron Hound Management Company brokered the deal.