Spaxel LLC and Atalaya Capital Management have secured $50.8 million in financing and $30.9 million in LP equity for the development of three affordable multifamily properties located at 2710 Creston Avenue, 2250 Aqueduct Avenue, and 1751 Monroe Avenue in the Bronx. CBRE Investment Management provided the equity investment, while CIT supplied the financing for these projects which are part of an expired 421(a) program. All three buildings are Passive House Certified – an ESG certification that ensures energy efficiency as well as operational savings through Section 8 programs providing 179 units of affordable housing to this area.
Walker & Dunlop’s Aaron Appel, Mo Beler, Jonathan Schwartz Adam Schwartz Keith Kurland and Michael Ianno arranged both equity investments and financings on behalf of Spaxel LLC/Atalaya Capital Management with Appel noting: “We look forward to seeing our sponsorship successfully complete each project bringing much-needed affordable housing to The Bronx”
