Developer The Domain Companies announced today the closing of $218.6 million in financing for Estela, a two-building development in Mott Haven, The Bronx. The 11-story buildings at 414 and 445 Gerard Avenue yield 544 market-rate and affordable housing units and 10,000 square feet of ground-floor retail space. Freddie Mac’s Forward Commitment program provided long-term permanent financing through JLL Real Estate Capital. The Urban Investment Group at Goldman Sachs Alternatives led the Opportunity Zone equity financing for the mixed-income, mixed-use project.
Estela has 380 market-rate units and 164 affordable rental apartments. Residences are equipped with energy-efficient appliances, name-brand kitchen finishes, energy-efficient windows, hardwood plank flooring, and in-unit washers and dryers.
Rendering of The Estela. Designed by S9 Architecture
The residential amenity suite spans more than 35,000 square feet and includes 4,000 square feet of combined outdoor courtyard space, 24/7 concierge service, dedicated coworking space, gym with double-height ceilings, a yoga room, a children’s playroom, a pet run and spa, and screening, game, and lounge rooms. The property also features a parking garage with electric vehicle charging stations.
Both buildings are expected to receive LEED Platinum-level certification due to sustainability features including solar panels and rainwater harvesting systems.
Estela’s ground-floor retail tenants include the Mott Haven Marketplace grocery store, which opened last year. Residential move-ins began in May 2023 and the building is now 90 percent leased. The Domain Companies’ affiliate, Good Company, provides in-house leasing for Estela from an on-site office.
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GOOD
Just to be clear, this development is already built. The financing that closed replaces the short term construction loan with a long term loan for rental operations.
Another article with no address or street bounds, but I found the Marketplace and then the building. It’s better than the rendering.