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Rockabill Lends on Bronx Affordable Repositioning
Rockabill secured $7.6 million in city subsidy and a construction loan of $8.9 million from JP Morgan Chase to facilitate the repositioning of four affordable apartment buildings in the East Tremont/West Farms neighborhood of the Bronx. The properties, which contain 106 income-restricted homes, are owned by nonprofit Aquinas Housing Corporation (AHC),.
“”Quality should never be sacrificed for affordability and we know these improvements will have a tangible impact in resident’s lives,” said Tim Collins, principal, Rockabill.
The Criscuolo Homes portfolio is Phase II of a Year 15 repositioning effort. Phase I of the repositioning closed in June 2021 and provided $36 million for the renovation of 17 buildings under AHC’s ownership, consisting of 342 units.
The total development cost is $11.7 million and the improvements will be completed without any displacement of tenants. Freddie Mac will provide a permanent mortgage at conversion, serviced by M&T Bank.
- ◦Financing
