Soundview multifamily project receives third-biggest Bronx loan of 2018

Azimuth landed a $107M financing from the city for 326-unit complex

New York /
Jul.July 16, 2018 12:50 PM

A rendering of 1755 Watson Avenue in the Bronx (Credit: Azimuth Development Group)

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


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
arrow_forward_ios

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

Loading...