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Douglaston Closes on Financing for Second Phase of Bronx Affordable Development
The New York City Housing Development Corporation (HDC), The New York City Department of Housing Preservation and Development (HPD) and Douglaston Development have closed on construction financing for a 12-story, 277-unit multifamily affordable housing development at 2868 Webster Ave. in the Bedford Park neighborhood of the Bronx. The 250,000-square-foot development is the second phase of a two-phased affordable project that also includes 2850 Webster Ave., a 188-unit senior housing development that opened last fall.
“Following the success of 2850 Webster, which fulfilled a vital need for affordable senior housing in the Bronx, we look forward to building on this momentum with the next phase of development that will deliver affordable housing to families in the community,” said Jeffrey Levine, founder and chairman of Douglaston Development.
The project is funded by $83.4 million in tax-exempt bond financing and $17.4 million in subsidies as allocated by HDC. HPD provided a $52.6-million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo is providing Low-Income Housing Tax Credits as well as a letter of credit for the project.
Rendering courtesy of the Stephen B. Jacobs Group.
- ◦Development
- ◦Financing
