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January 6, 2021 Comments Off on Affordable Seniors Project Lands Construction Financing Views: 540 New York News, Uptown/Bronx New York

Affordable Seniors Project Lands Construction Financing

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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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