Santander lends $38.7M on 1093 Jerome Ave, Bronx, for 60 units
Three Santander mortgages totaling $38.7M and a $3.6M City mortgage recorded on two Jerome Avenue lots in the Bronx slated for about 60 HPD-backed rentals.
Santander Bank, N.A. is lending $38,732,008 across three mortgages on 1093 and 1095 Jerome Avenue in the Bronx, where the City plans about 60 affordable rental apartments. The borrower on the record is MBD New Heights II Apts, LLC, a single-purpose entity, and the records we pulled do not name the sponsor firm behind it.
Why it matters
Recorded financing is the point where a city-assisted project stops being a plan. The mortgages, a City mortgage and City subordination agreements all hit the books on 2026-10-01, after the mortgages were dated 2026-09-24. They cover block 2505, lots 26 and 28, near West 166th Street and Jerome Avenue, in the Bronx’s Community District 4. The recorded documents do not state loan terms or whether the debt is construction or permanent financing, so we do not characterize it.
The numbers
The three Santander mortgages are $27,929,780, $8,589,120 and $2,213,108, a total of $38,732,008. Separately, New Heights II Housing Development Fund Corp. gave the City a $3,599,998 mortgage. Santander debt alone works out to about $645,500 per planned rental unit, counting 60 units and excluding the superintendent’s unit.
The December 2024 Borough President recommendation describes the deal: the City sells the site to the HDFC for $1 per tax lot, the sponsor delivers an enforcement note and mortgage for the rest of the appraised value, and it builds one building of about 60 rental units plus a superintendent’s unit under HPD’s Neighborhood Construction Program. PLUTO lists each lot at 5,000 sq ft of land, 10,000 sq ft combined, both zoned R7-1 and both still City-owned in that dataset. A full demolition job for 1093 Jerome, X01303794-I1, was filed 2025-11-11 for the existing nine-unit building. We found no new-building filing for the block.
What’s next
A new-building filing and the HPD closing terms, including income levels, would show the affordability mix and the construction schedule. Until then, the sponsor and the loan structure remain unconfirmed. For more Bronx residential financing, see 2814 Morris Avenue and the New York hub.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThree Santander mortgages recorded 2026-10-01 on Bronx block 2505 lots 26 and 28: $27,929,780, $8,589,120 and $2,213,108, totaling $38,732,008.View the record on a836-acris.nyc.gov
- Public recordA $3,599,998 mortgage from New Heights II Housing Development Fund Corp. to the City of New York was recorded the same day.View the record on a836-acris.nyc.gov
Sources
- NYC Department of Finance (ACRIS)Mortgage, $27,929,780, MBD New Heights II Apts, LLC to Santander Bank, N.A.
- Bronx Borough President1093-1095 Jerome Avenue UDAAP recommendation, December 2024
- NYC Open DataDOB NOW job filings, includes demolition job X01303794-I1 at 1093 Jerome Avenue