Developers close $120M finance deal for affordable Bronx development

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B&B Urban and L+M Development Partners have secured
financing and broken ground at Williamsbridge Gardens, a fully affordable
rental building in the Northeast Bronx.

The building will include 170 units of affordable housing
for low and moderate-income families, including 85 homes for the formerly
homeless with support services provided by the Center for Urban Community
Services (CUCS). Construction is anticipated to take two years.

Williamsbridge Gardens is being financed with $53.8 million in tax exempt bonds being issued by New York State Homes and Community Renewal’s (HCR) Housing Finance Agency. Citi Community Capital is providing the bond credit enhancement during the construction period. HCR’s Supportive Housing Opportunity Program provided an additional $11.75 million in funding, the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program funded $11.75 million and the Bronx Borough President $750,000. Raymond James is investing approximately $40 million in low-income housing tax credit equity.

“Williamsbridge Gardens directly addresses NYC’s most urgent
needs with 100% new affordable housing, including 50% of the units set aside
for formerly homeless families, in two buildings at a location offering
immediate subway access and an array of vital retail services” said Alan Bell,
Principal of developer B&B Urban. “Along with our partners, we at B&B
extend our deepest appreciation to the staff and leadership at the NYS HCR and
the NYC HPD for extending themselves during this most difficult time to get us
over the goal line.”

“Williamsbridge Gardens will bring much-needed affordable
homes to the Northeast Bronx, and we are thrilled to have worked with our
partners to make this development a reality,” said Spencer Orkus, Managing
Director at L+M Development Partners. ““This pandemic has underscored the
importance of providing affordable homes and supportive services to the most
vulnerable New Yorkers, and we’re looking forward to welcoming our new
neighbors home to Williamsbridge Gardens.”

Williamsbridge Gardens will comprise two eight-story
buildings along East 211th and East 212th Streets, which together will frame a
large common landscaped rear courtyard. The buildings will offer 30 studio, 55
one‐bedroom, 57 two‐bedroom and 27 three‐bedroom apartments, along with a
live‐in superintendent unit.

CUCS, one of the leading agencies serving homeless and
formerly homeless New Yorkers, will provide on-site support for formerly
homeless residents. The organization specializes in programing that links
housing, health and social services for low-income individuals and families
across the city.

Williamsbridge Gardens is designed by MHG Architects and
will include amenities such as 24/7 front desk security, a large landscaped
interior courtyard, community room with kitchenette, computer lab and
children’s library, exercise room, laundry room in each building, and green
components, including a rooftop photovoltaic solar installation and
energy-efficient appliances.

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