The Domain Companies has secured $218.6 million in financing for Estela, a mixed-use development in Mott Haven, South Bronx. The project includes 544 apartments and 10,000 square feet of retail space catering to a mix of income levels. 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 transformative for the community as it addresses various needs such as affordable housing and retail options. They are grateful to partner with Freddie Mac once again and invest in the future of Mott Haven which offers access to amenities like Bronx Point Park, Yankee Stadium, Bronx Terminal Market and proximity to transportation.
Estela is already proving popular with residents as it is currently 90% leased with move-ins expected by May 2023.
