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New York & Tri-State   /   January 6, 2021

Paul Bubny
By: Paul Bubny

Affordable Seniors Project Lands Construction Financing

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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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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