Sustainable Bronx Affordable Project Closes on $193M Financing
Gilbane Development, the Institute for Community Living, Inc. (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and the city’s Housing Development Corporation secured financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193-million project will deliver a 19-story, transformative mixed-use supportive and affordable housing development, along with a new ICL Bronx Health Hub.
City financing for Renova West includes a $48.5-million loan provided by HPD’s Supportive Housing Loan Program and a $17.3-million subsidy loan provided by HDC. Blending City housing programs, tax credit equity and private investment, the capital stack allows the team to deliver deep affordability, resident services and a sustainable building in a high-need neighborhood.
New York State Energy Research and Development Authority has recognized the project through its Buildings of Excellence program, positioning it as a model for sustainable, all-electric affordable housing.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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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