Azimuth Development Group has landed about $107 million in financing from the city for a multifamily development in the Bronx, in what appears to be the third-largest loan the borough has seen so far this year.
The developer is using the money from the New York City Housing Development Corporation to build a 326-unit apartment complex at the site of the Bronx Pentecostal Deliverance Center in Soundview, according to Commercial Observer. The church rezoned its lot at 1755 Watson Avenue last year to make way for the building, which will stand nine stories tall and span 313,000 square feet.
The development, which is estimated to cost $132 million, will also include about 17,000 square feet of retail and 10,000 square feet for the church. About 40 percent of the residential units will be set aside as affordable, and the project will include 54 parking spots as well.
The financing carries a 35-year term and is split between tax-exempt bonds, a corporate loan from HDC and a grant from the New York City Department of Housing Preservation and Development.
The only two loans in the Bronx that have been larger than this so far in 2018 were also from HDC. In January, the agency loaned $309.7 million to Hudson Companies for the massive La Central project and $124.8 million to Monadnock Development for the eight-building Compass Residences complex.
Bishop Clarence Jones told CO that they saw building affordable housing as a way for the church to help its community.
“We’ve been conscious about the status of affordable housing in the area,” he said, “and we wanted to do something that would actually be able to help people.” [CO] – Eddie Small