Deal Spotlight
Predevelopment Financing for All-Electric Affordable New Construction in the Bronx
$
0
NYCEEC Loan
0
Affordable Housing Units
The Building
Building Type
Multifamily Housing
Building Size
3 Buildings
75,733 Square Feet
72 Units
Location
Bronx, NY
Term
4.5 Years
Project Type
Predevelopment,
Electrification
Expected Upgrades
All-Electric New
Construction
NYCEEC Loan Product
Green Predevelopment Loan
Closing Date
December 2023
The Project
NYCEEC provided a low-cost Green Predevelopment Loan to finance early-stage costs for the construction of three planned all-electric buildings in the Bronx. The new buildings will provide 71 regulated affordable units to low-income residents and an additional unit for the superintendent. The project is a joint venture of Settlement Housing Fund (SHF), an NYC nonprofit providing affordable housing and related support to low- and moderate-income New Yorkers, and The Beechwood Organization, a family-owned home builder. The units will be affordable to households earning between 30 percent and 80 percent of Area Median Income, and some units will be set aside for seniors and formerly homeless families and individuals.
The NYCEEC loan will fund various predevelopment costs, including architectural services, environmental reports, and a green consultant.
Total Expected Project Cost
$60M (est.)
NYCEEC Green Predevelopment Loan
$2,500,000
Regulated Affordable Units
71
The Results
The $2,500,000 Green Predevelopment Loan helped ensure that SHF and Beechwood had access to the capital necessary to complete critical predevelopment work. When completed, the new buildings will represent an important addition to the city’s high-quality, affordable housing stock and a critical investment in building decarbonization via electrification. As of the time of loan closing, predevelopment activities are well underway.