New York & Tri-State + Uptown/Bronx + Senior Housing | January 9, 2019

Bronx Developer Closes on Financing for $91M Seniors Project

Bronx-based Foxy Management has closed on the financing of its planned Arthur Avenue Apartments, an affordable seniors housing complex set for the borough’s Belmont section. Early 2021 completion is expected for the 177-unit new construction community.

The $91-million development is being financed using a combination of tax-exempt New York State Housing Finance Agency bonds, additional city and state subsidies and tax credit equity.

The construction period tax-exempt bonds are being credit enhanced by Chase. The $36 million in tax credit equity was financed through an investment from a Freddie Mac Low-Income Housing Tax Credit Fund with Boston Financial Investment Management.

Led by Shelly and Jeff Fox, Foxy Management is developing the project in partnership the Hebrew Home at Riverdale, under the New York City Department of Housing Preservation and Development’s SARA program. “We hope this project will set the standard for future senior development in the city,” said Jeff Fox.

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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. 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 15-20 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).