Enterprise Safeguards Bronx Units For $33M

NEW YORK CITY-As part of a long-term repositioning strategy, the local New York office of national nonprofit Enterprise Community Partners, Inc. closed two preservation deals totaling $32.9 million that will keep 1,469 units for low-income residents in the Mott Haven, Melrose and West Farms sections of the Bronx affordable.

In partnership with developer Lemle & Wolff, Enterprise originated a $12.2 million acquisition loan that will cover the costs associated with preserving 943 affordable units across 39 buildings in the Mott Haven and Melrose, becoming the largest deal in units ever closed through the New York City Acquisition Fund, a collaboration between Enterprise, the city of New York and public and private investors, the company says.