Union Crossing at 825 East 141st St. in the Bronx — Courtesy: Progress Capital
By Joshua Burd
The owners of a refurbished historic warehouse building in the Bronx have refinanced the property for $85 million, under a newly announced transaction by Progress Capital.
The commercial real estate advisory firm announced Tuesday that it arranged the financing for the joint venture behind 825 East 141st St., a nearly 300,000-square-foot complex known as Union Crossing. LibreMax Capital, a New York-based asset management firm, provided the LIBOR floating loan, which replaces construction financing and provides necessary funds to allow for tenant improvements and leasing commissions during lease-up.
Progress Partner Brad Domenico completed the assignment for the Tinton Falls-based firm.
Originally built in 1916, 825 East 141st St. once served as a major baking facility for the Great Atlantic & Pacific Tea Co. and later became the world’s largest warehouse and rebuilding facility for food processing equipment for Union Standard Equipment Co., Progress said. In 2016, a partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased the building and recently finished a $45 million renovation in an effort to reposition the building.
The property now includes new mechanicals, new elevators, new ground-floor retail space, office space, industrial space with private parking, a roof deck and a penthouse with 20-foot ceilings, according to a news release. The newly minted Union Crossing recently welcomed its first tenant, Westhab, a nonprofit that occupies 8,233 square feet for its executive offices and a job training center.
A leasing team that includes Ellen Israel and Greg Smith of JRT Realty Group is now marketing another 260,000 square feet at Union Crossing.