The Real Deal New York

South Bronx senior housing project snags $57M loan

The lender is the New York City Housing Development Corporation
By Christian Bautista | July 18, 2018 04:30PM

Eric Enderlin of HDC and a rendering of 112 East Clarke Place (Credit: Twitter and Magnusson Architecture and Planning)

Nonprofit group Volunteers of America landed a $56.6 million loan for a planned senior housing complex in the South Bronx, according to records filed with the city today.

The property, at 112 East Clarke Place in Highbridge, will be the future site of a 14-story residential building. Permits for the project were filed last August. Once it’s built, the property is expected to contain 122 units across about 68,000 square feet of space. The site was previously used as a parking lot.

The lender for the loan is the New York City Housing Development Corporation, which issued multifamily housing revenue bonds to finance the project. The biggest piece of the loan package is a $33 million first building loan.

Volunteers of America bought the parcel for $3 million in February of last year. A few months later, it sold its Upper West Side location, known as the Brandon House Residence for Women, in a $42 million deal. The organization did not immediately respond to requests for comment.

The group, which focuses on issues like homelessness and domestic violence, also operates the Creston Avenue Residence, a 66-unit affordable housing complex at 2382-2388 Creston Avenue in the South Fordham section of the Bronx.