Gilbane-Led Development Team Reaches Financial Close on Phase I of Bronx Affordable Complex
Gilbane, in partnership with Strada Development LLC and the Center for Urban Community Services, has reached financial close for 1920 Turnbull, a $170-million-plus affordable and supportive housing development located at 1920 Turnbull Ave. in the Castle Hill/Soundview neighborhood of the Bronx. Located at 1931 Lafayette Ave., 1920 Turnbull will deliver a 22‑story building with 228 affordable rental apartments, including 137 permanent supportive housing units for formerly homeless individuals and families.
The development team includes Gilbane Development as lead development partner, Strada Development LLC as co‑developer, and CUCS as co‑developer and service provider. Gilbane Building will serve as general contractor, with Magnusson Architecture and Planning as architect and AKRF as civil engineer.
1920 Turnbull is the first of two planned buildings, with Phase 2 set to add 207 additional affordable apartments, including 15% designated as permanent supportive housing. Phase 2 is expected to close within the next year, pending city approvals.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout