Six Mortgages, One Bronx Parcel: $273M Lands on Block 2443

Two entities tied to the same Bronx parcel recorded six mortgages in a single batch this fall, stacking $273,000,000 against one piece of land in the city’s Concourse section.

City Register records show the paperwork landed on October 13 but was dated September 24, with every document naming the same lender and the same block, 2443, in the Bronx. Borrower BPO Master Tenant LLC and borrower BPO Owner LLC each signed three mortgages apiece to Lexington MF Concourse, LLC, the named lender on all six.

Why it matters

Six mortgages from one lender against one parcel in a single week is not routine refinancing, it is a layered capital stack, and the layering is not visible anywhere ACRIS shows it. Each document sits on its own page with its own amount. Nobody had totaled them against the shared block and lot before this count. The lender’s own name, Lexington MF Concourse, ties the loans to a Concourse-area project, though no press release names the building. The borrower pairing, a Master Tenant entity alongside an Owner entity, is the structure typically used to separate a leasehold position from fee ownership on affordable or mixed-income multifamily deals.

The numbers

The six mortgages, by document:

• $66,500,000, BPO Master Tenant LLC to Lexington MF Concourse, LLC, block 2443 lot 1001 (doc 2026093000607005)
• $66,500,000, BPO Owner LLC to Lexington MF Concourse, LLC, block 2443 lots 1001 and 1002 (doc 2026093000607002)
• $36,000,000, BPO Master Tenant LLC to Lexington MF Concourse, LLC, block 2443 lot 1001 (doc 2026093000607004)
• $36,000,000, BPO Owner LLC to Lexington MF Concourse, LLC, block 2443 lots 400, 1001 and 1002 (doc 2026093000607001)
• $34,000,000, BPO Master Tenant LLC to Lexington MF Concourse, LLC, block 2443 lot 1001 (doc 2026093000607006)
• $34,000,000, BPO Owner LLC to Lexington MF Concourse, LLC, block 2443 lots 1001 and 1002 (doc 2026093000607003)

That totals $273,000,000 across matching pairs: two loans at $66,500,000, two at $36,000,000, two at $34,000,000. Every document carries the same September 24 instrument date and the same October 13 recording date. Lot 1001 is collateral on all six filings, with lots 1002 and 400 pulled in on four of them, which is how one parcel ends up underwriting a quarter billion dollars in paper.

What’s next

Lexington MF Concourse has not disclosed what the financing funds, and no permit filing tied to block 2443 has surfaced yet in city DOB records to confirm new construction versus a refinance of an existing building. The master tenant and owner split at matching dollar amounts reads as a leasehold financing structure common on income-restricted multifamily deals, but that is a reading of the ACRIS structure, not a confirmed fact, until a permit, offering plan or disclosure names the project. For a separate same-week stack in the affordable housing space, see Citibank and HDC’s $49.4 million financing on 665 New York Avenue in Brooklyn. The New York market hub tracks further filings tied to block 2443 as they record.