The Domain Companies has successfully secured $218.6 million in financing for Estela, a mixed-use development located in the Mott Haven neighborhood of South Bronx. The project includes two buildings with 544 apartments and 10,000 square feet of ground-floor retail space. JLL Real Estate Capital provided long-term permanent financing through Freddie Mac’s Forward Commitment program, while Goldman Sachs Alternatives’ Urban Investment Group led the Opportunity Zone equity financing.
According to Matt Schwartz, co-CEO of The Domain Companies, this project is a significant contribution to the community as it addresses various needs such as housing and retail options. He also expressed gratitude towards Freddie Mac for their continued partnership in investing in Mott Haven’s future. With its convenient location near attractions like Bronx Point Park and Yankee Stadium and easy access to transportation options like Bronx Terminal Market, Estela has already proven attractive to residents looking for long-term living solutions.
As of May 2023, Estela is expected to be fully leased at an impressive rate of 90%. This achievement further solidifies its position as a desirable destination for generations to come.
