January 6, 2021
Douglaston Development, along with New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development closed on construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx.
HCR provided $32.1 million in tax-exempt bond financing, Low-Income Housing Tax Credits that will generate $33.6 million in equity, and a $6.6-million subsidy. HPD provided a $12.8-million subsidy. Financing for the project also includes a $6.8 million deferred developer fee and approximately $1.6 million in interest accrued from subsidy programs. Wells Fargo is the tax credit syndicator and provided a letter of credit.
The development will also include a new supermarket on the ground floor. Construction is slated to begin this spring on the $93.5-million project, which will rise on land owned by The New York Botanical Garden.
Rendering courtesy of Douglaston Development.
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Tags: Affordable, Apartments & Multifamily, Development, Financing
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