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$70M Affordable Development Opens in Kingsbridge
B&B Urban, L+M Development Partners and city and state officials recently opened the doors to Kingsbridge Heights Apartments, a $70.5-million affordable housing development in the Bronx’s Kingsbridge Heights neighborhood.
The development includes 135 apartments for families and individuals, with 40 apartments reserved for formerly homeless families in need of support services. The building also includes more than 1,200 square feet of ground-floor retail.
At B&B, principal Alan Bell observed, “The completion of the mixed income Kingsbridge Heights Apartments demonstrates that the City’s most urgent housing needs can be addressed—providing new housing for formerly homeless families—while also addressing the broader needs of the local community for affordable housing for low- and middle-income households.”
Kingsbridge Heights Apartments was financed with support from city and state agencies, including $10.75 million in permanent tax-exempt bonds. Citi Community Capital provided credit enhancement for the bonds, and Raymond James is the tax credit syndicator.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
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