Hudson Companies and BRP Companies have closed on $343 million in financing for the second phase of La Central, delivering an Extremely Low & Low-Income Affordability (ELLA) housing development to the South Bronx. Set for completion in 2028, the project will deliver Buildings C and E to the La Central development, at 13 and 26 stories, respectively, with 420 affordable apartments, including 63 supportive units.

Funding for Phase II comes from public and private sources, including tax-exempt bonds from the New York City Housing Development Corporation, a subsidy from New York City Housing Preservation & Development, Low Income Housing Tax Credits, Brownfield Tax Credits and NYSERDA grants. Red Stone Equity Partners is the tax credit syndicator and Chase is providing credit enhancement.  

“With the closing of Phase II of La Central, we’re making meaningful progress towards addressing the critical need for affordable and supportive housing in the South Bronx and the wider city,” said Marlee Busching-Truscott, managing director of development at Hudson. “First envisioned over a decade ago, this milestone marks a significant step in advancing our goal of providing quality, sustainable housing for all New Yorkers.”