Bronx: $58.1M Popular Bank loans back a 255-unit site
Mortgages of $45.0M and $13.1M were recorded 11/05/2026 on the East Burnside Avenue and Walton Avenue lot.
- Source Briefing
- Public record
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Popular Bank has lent $58.1M against a single Bronx lot that the Department of Buildings shows is being cleared for three new apartment buildings. Two mortgages, $45,029,418 and $13,110,582, were recorded 11/05/2026 on block 3178 lot 1 with Burnside Properties NY LLC as borrower.
For developers and construction lenders working the Bronx, this is a bank-financed ground-up job at 255 units, not a distressed trade.
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Why it matters
The lot is one tax parcel but carries three DOB new-building jobs: a 12-story, 77-unit building at 57 East Burnside Avenue, a 9-story, 84-unit building at 2054 Walton Avenue, and a 9-story, 94-unit building at 2060 Walton Avenue. Express Builders JB Inc is the owner on all three filings. The mortgages were signed 10/21/2026, about a month after the first permits issued, which puts the debt at the start of construction rather than at the end of it.
Recorded loan size is a signal for the rest of the corridor: a regional bank is underwriting new Bronx rental supply at roughly $228,000 of debt per proposed unit (our arithmetic, $58.14M over 255 units).
The numbers
- Mortgage 1: $45,029,418, ACRIS document 2026110300543003.
- Mortgage 2: $13,110,582, ACRIS document 2026110300543005.
- Combined: $58,140,000, both dated 10/21/2026 and recorded 11/05/2026.
- 57 East Burnside Avenue: 12 stories, 77 units, 55,219 sq ft, first permit 9/23/2026.
- 2054 Walton Avenue: 9 stories, 84 units, 64,240 sq ft, first permit 9/10/2026.
- 2060 Walton Avenue: 9 stories, 94 units, 63,352 sq ft, filing on hold pending withdrawal of a technical report.
The records do not say which building each mortgage covers, and they do not say whether the loans are construction facilities.
What’s next
The 2060 Walton Avenue job has not reached permit, so watch its DOB status for the third building. Further recorded documents on this lot, such as consolidation or subordination agreements, would show how the lender is stacking the two loans. See the New York market hub for other Bronx and outer-borough financing filings this week.
Quick answers
- What is the latest on Express Builders in New York?
- Two Popular Bank mortgages totaling $58.1M were recorded on Bronx block 3178 lot 1, where DOB shows three new buildings with 255 proposed units.
- What are the key numbers for Express Builders?
- combined mortgages: $58.1M; proposed units: 255; debt per unit: $228K.
- Where does the information on Express Builders come from?
- The story cites NYC City Register (ACRIS) and NYC Department of Buildings (DOB NOW).
On the record
Two Popular Bank mortgages, $45,029,418 and $13,110,582 (combined $58,140,000), dated 10/21/2026 and recorded 11/05/2026 against Burnside Properties NY LLC on block 3178 lot 1
Public record · a836-acris.nyc.gov
Primary record
- PermitDOB NOW shows three new-building filings on the lot (57 East Burnside Avenue, 2054 and 2060 Walton Avenue) totaling 255 proposed dwelling units and 182,811 square feet, with Express Builders JB Inc as owner of recordView the record on data.cityofnewyork.us
- NYC City Register (ACRIS)Mortgage 2026110300543005, Bronx block 3178 lot 1