Alan Bell, L+M land $61.8M public financing for Kingsbridge housing development

HPD and NYSHFA back 136-unit project at 2700 Jerome Ave

New York /
Mar.March 23, 2017 04:15 PM

Alan Bell’s B&B Urban and L+M Development Partners secured $61.8 million in funding for their Bronx supportive housing project at 2700 Jerome Avenue through city and state agencies.

Property records show that the partners are getting $35.5 million in tax-exempt bonds through the New York State Housing Finance Agency and $26.3 million in subsidies from NYSHFA and the city’s Department of Housing Preservation and Development. Bell told The Real Deal that the partners are also getting a $27 million tax-credit investment from wealth management firm Raymond James.

The figures add up to $88.8 million, but because part of the investment from Raymond James will be used to pay off the short-term NYSHFA bonds, the total sum used to fund construction will be lower. Bell said the project is expected to cost $70.5 million to build.

The 13-story building in the Kingsbridge neighborhood will include 136 below-market apartments. According to the developers, 40 units will be set aside for formerly homeless families and the remaining apartments are set to go to low- and middle-income households. Nonprofit Center for Urban Community Services will manage the building.

Bell, a former Hudson Companies principal, in 2014 announced plans for another Bronx residential building at 2065 Walton Avenue.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(Illustration by The Real Deal with Getty Images)
NJ town concocts new excuse for rejecting affordable housing
NJ town concocts new excuse for rejecting affordable housing
A photo illustration depicting the massive changes at 2797 Atlantic Avenue (Google Maps, Getty Images)
Church plans 343 apartments in East New York
Church plans 343 apartments in East New York
Suburbanites with pitchforks as two hands ripping building plans
Suburban Nimbys oppose more housing. Do they have a point?
Suburban Nimbys oppose more housing. Do they have a point?
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
1 Geoffrey Way in Wayne NJ (Loopnet, Getty)
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
Cornerstone Structures' James Guerriero and 201 North Division Street in Peekskill, New York (LinkedIn/James Guerriero, Google Maps)
Developer proposes 125-unit project in Peekskill
Developer proposes 125-unit project in Peekskill
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...