NEW YORK CITY—A partnership of LIHC Investment Group, Belveron Partners and Camber Property Group have closed on the financing for a $127-million project to preserve and rehabilitate 948 units of affordable housing at the Stevenson Commons in the Bronx.
The project at the nine-building Mitchell-Lama project on White Plains Road in the Soundview section of the Bronx is being undertaken through an agreement between the development partners and the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development.
The total development cost is estimated at $127 million and the renovations at the complex will exceed $36 million. HDC restructured $3.9 million of existing debt and will provide a $103-million first-mortgage through the Federal Financing Bank, as well as an additional $7.3-million mortgage backed by interest reduction payments from HUD.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
