NEW YORK | 210 East 135th Street (The Arches) | FT | 25 FLOORS (2 towers; Bronx)

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Cheskel Schwimmer lands $75M construction loan for SoBro towers

Another high-rise apartment project is ready to go vertical on the South Bronx waterfront.

Cheskel Schwimmer’s Williamsburg-based CGS Developers closed on a $75 million construction loan from S3 Capital Partners for the pair of rental towers spanning 237 units he’s developing at 210 East 135th Street, the lender told The Real Deal.

“There has been lots of activity in the area from both private owners and large institutional developers,” S3 Capital co-founder and principal Joshua Crane said.

Schwimmer bought the vacant lot for $15.47 million in 2015 from Storage Deluxe, which three years earlier sold the large self-storage facility it had operated next door to CubeSmart for $68.23 million in 2012.

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TRD