Search
 

Green Affordable MF Opens in Bronx

NEW YORK CITY-The 90-unit project in the Morrisania section of the Bronx was built with financing from the city and Enterprise Community Partners.

By Cody Lyon | Updated on September 30, 2009

NEW YORK CITY-Bronx Pro Real Estate Management opened a new 90-unit affordable housing development at 1085 Washington Ave., in the Morrisania section of the Bronx on Tuesday, according to a release from the management company. The building’s anchor tenant will be DreamYard, a local provider of art education to K-12 aged students.

Bronx Pro says it has completed new construction and renovation projects through the Neighborhood Entrepreneur and New Foundations programs, sponsored by the city’s Department of Housing Preservation and Development. In the release, Peter Magistro, president of Bronx Pro, says, “this building is a testament not only to Bronx Pro’s commitment to developing quality affordable housing, but our commitment to the creation of new communities in the Bronx.”

The New York City Housing Development Corp. provided a $13.6-million construction loan, $5.7 million in permanent financing and a $4.95-million subsidy. Other partners included Enterprise Community Partners, who provided Bronx Pro with an acquisition loan equaling $3.4 million, $95 million in tax credit equity and a $40,000 Green Communities Grant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.