Cushman & Wakefield arranges $96 million refinancing for new 264-unit apartment building in the Bronx

Bronx, NY Cushman & Wakefield arranged $96 million in refinancing for The Motto, a newly constructed, Class A multifamily property located at 2455-2457 3r^d Ave. in the Mott Haven neighborhood. The financing, arranged on behalf of owner-developer The Altmark Group, was provided by Morgan Stanley under a five-year fixed-rate loan.

The Cushman & Wakefield team of Brad Domenico, Gideon Gil, Jack Subers and Frank Stanislaski advised the borrower in the transaction.

The Motto is a 24-story luxury multifamily building that includes 264 rental units consisting of studios, one-bedroom, and two-bedroom apartments. Designed by architecture firm Woods Bagot, the building features premium finishes, modern appliances, and floor-to-ceiling windows that fill apartments with natural light. Select residences also offer private outdoor spaces. Eighty of The Motto’s units are designated affordable under the Affordable Housing New York tax incentive program.

Residents of The Motto have access to an extensive amenity package, including a 24/7 attended lobby, coworking lounges, a residents' sky lounge, a rooftop terrace with barbecue grills and fire pits, a state-of-the-art fitness center, and ample on-site parking. Designed to foster a vibrant community, the space also features a media room, yoga studio, and outdoor common areas.

"From its skyline views to the emphasis placed on fostering community through design, The Motto represents the kind of project that we’re proud to stand behind,” said Domenico. “The property blends thoughtful, high-end design with much-needed housing in what is one of the city’s fastest-growing neighborhoods. Having benefited from strong demand for both market-rate and affordable units – the building is already 94% leased – we believe that the asset is poised for continued success.”