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Sustainable Bronx Affordable Project Closes on $193M Financing


Gilbane Development, the Institute for Community Living, Inc. (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and the city’s Housing Development Corporation secured financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193-million project will deliver a 19-story, transformative mixed-use supportive and affordable housing development, along with a new ICL Bronx Health Hub.

City financing for Renova West includes a $48.5-million loan provided by HPD’s Supportive Housing Loan Program and a $17.3-million subsidy loan provided by HDC. Blending City housing programs, tax credit equity and private investment, the capital stack allows the team to deliver deep affordability, resident services and a sustainable building in a high-need neighborhood. 

New York State Energy Research and Development Authority has recognized the project through its Buildings of Excellence program, positioning it as a model for sustainable, all-electric affordable housing.

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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).

  • ◦Development
  • ◦Financing