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New York & Tri-State  + Uptown/Bronx  + Finance  |  May 4, 2022
Asland Capital and Pembroke Residential Holdings have secured $100 million in financing for a seniors housing project to be developed at 1940 Turnbull Ave. in the Bronx
Paul Bubny
By: Paul Bubny

Asland, Pembroke Line Up $100M Financing on Bronx Seniors Project 

Asland Capital Partners and Pembroke Residential Holdings have secured $100 million in financing to begin the development of 1940 Turnbull Ave., a 154-unit affordable residential property in the Bronx’s Soundview neighborhood. The 14-story project, scheduled for completion in fall of 2024, will be designated for seniors aged 62 years or older, with 30% of the units set aside for formerly homeless seniors.  

Project partners include Asland, Pembroke, the Urban Investment Group within Goldman Sachs Asset Management, New York State Homes and Community Renewal, and New York City Department of Housing Preservation and Development (HPD). 

A construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity, with HPD providing an additional subsidy. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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