JLL Capital Markets announced that it has arranged $130 million in construction financing for The 360, a 13-story mixed-use development located at 350 Grand Concourse in the Mott Haven neighborhood of the South Bronx.
JLL worked on behalf of the borrower, a partnership between Shorewood Real Estate Group and Bogopa Enterprises, to secure the loan through PCCP LLC, a real estate finance and investment management firm focused on commercial real estate debt and equity.
The financing will support the development of the 13-story, grocery-anchored residential property that will feature 304 residential units and approximately 47,892 square feet of ground-floor retail space that is pre-leased to Food Bazaar.
“This financing is a major milestone for the project and will allow us to deliver much-needed housing and community-serving retail to Mott Haven,” said Larry Davis, CEO and president of Shorewood Real Estate Group.
“PCCP is pleased to support the Shorewood and Bogopa teams’ development of The 360. We believe the project is thoughtfully designed to match the demand in the market, and we are excited to play a role in delivering housing to the Bronx,” said PJ Finley, Vice President at PCCP.
Scheduled to be completed in 2028, The 360 will include 228 market-rate and 76 affordable units, providing a mix of studios, one- and two-bedroom apartments designed to meet growing housing demand in the neighborhood.
The 360 residents will have access to a range of amenities, including a rooftop lounge, fitness center with yoga studio, co-working spaces, bike storage and 24-hour concierge services. The development will also include parking and the full-service Food Bazaar supermarket and food hall.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Lauren Kaufman and Senior Director Nicco Lupo.
“The 360 generated strong interest from lenders who recognized the compelling combination of a best-in-class sponsorship, a differentiated grocery-anchored residential concept and the continued evolution of Mott Haven,” said Kaufman. “We are delighted to have secured an attractive construction loan that positions the project for success.”
