PCCP Provides $130M Construction Loan for Mott Haven Mixed-Use Project

Why It Matters

The loan addresses the Bronx’s chronic housing shortage while signaling strong lender confidence in secondary‑city multifamily assets. It also adds essential retail, enhancing neighborhood vitality and investor appeal.

Key Takeaways

• PCCP funds $130M construction loan for The 360 project.
• 304 apartments include 228 market-rate and 76 affordable units.
• Ground‑floor 47,892 sq ft Food Bazaar anchors grocery‑focused retail.
• JV Shorewood and Bogopa drive mixed‑use development in Mott Haven.
• Completion slated for 2028, boosting Bronx housing supply.

Pulse Analysis

The Bronx’s Mott Haven neighborhood is undergoing a rapid transformation as developers target the area’s untapped residential potential. The 13‑story The 360, a joint venture between Shorewood Real Estate Group and Bogopa Enterprises, will add 304 apartments—228 market‑rate and 76 affordable—along the historic Grand Concourse. By integrating a 47,892‑square‑foot Food Bazaar grocery hall at street level, the project follows a growing trend of grocery‑anchored mixed‑use towers that aim to create self‑contained communities while stimulating local commerce. The development also taps into the city’s recent zoning incentives that reward projects delivering essential services alongside housing.

The $130 million construction loan from PCCP underscores lenders’ confidence in the Bronx’s evolving market dynamics. PCCP, a specialist in multifamily financing, partnered with JLL Capital Markets, whose team of Lauren Kaufman and Nicco Lupo structured the debt to accommodate both market‑rate and affordable components. The inclusion of a grocery anchor reduces vacancy risk, as food‑centric retail draws consistent foot traffic and supports resident convenience. Moreover, the loan’s size reflects a broader resurgence of institutional capital flowing into secondary‑city multifamily projects, where yields often outpace those in saturated core markets. By locking in a fixed‑rate term, the loan shields the developers from potential interest‑rate spikes during the two‑year construction phase.

When completed in 2028, The 360 will contribute roughly 300 new housing units to a borough still grappling with affordability gaps, positioning the development as a catalyst for further investment in Mott Haven. The mixed‑use formula—combining residential, retail, coworking spaces, and amenities such as a rooftop lounge—aligns with city planners’ push for walkable, amenity‑rich neighborhoods. For investors, the project offers a diversified revenue stream and a hedge against market volatility, while the affordable‑unit component satisfies New York’s inclusionary housing mandates, potentially unlocking additional tax incentives. Long‑term, the presence of a stable grocery tenant is expected to anchor surrounding property values, encouraging further mixed‑use proposals across the Bronx.

Deal Summary

PCCP has extended a $130 million construction loan to a joint venture between Shorewood Real Estate Group and Bogopa Enterprises for The 360, a 13‑story mixed‑use development in Mott Haven, Bronx, delivering 304 apartments and a grocery‑anchored retail space. The loan, arranged by JLL Capital Markets, will fund the project slated for completion in 2028.