Trinity Financial secures financing for affordable development in Brownsville

Project will yield 180 units

New York /
Jan.January 10, 2019 11:45 AM

A rendering of 405 Dumont Avenue and HPD commissioner Maria Torres-Springer (Credit: SLCE Architects)

The New York Housing Development Corporation was the primary lender on roughly $83 million of city financing for the construction of another piece of the Van Dyke Houses affordable housing complex in Brownsville.

The financing, recorded Wednesday with New York City’s Department of Finance, has gone to Trinity Financial, the new developer of the Van Dyke III project at 405 Dumont Avenue.

The New York City Housing Authority in 2016 announced that Dunn Development Corp. was going to build the 180-unit, 12-story building. They originally called the project “Dumont Commons.”

But Trinity has since replaced Dunn as the developer, said Daniel Marks Cohen, vice president at the New York City Housing Partnership, the non-profit organization that is the nominal owner of the project. Trinity is the beneficial owner.

The reason for the change is not known. Trinity, Dunn and NYCHA did not return requests for comment.

To qualify for apartments at the complex, tenants’ yearly incomes must fall between 30 and 60 percent of the area median income.

Government officials, CAMBA and CAMBA Housing Ventures in May celebrated the grand opening of another 101-unit affordable housing building there, at 604 Mother Gaston Boulevard. The $56 million project replaced an underutilized parking lot, NYCHA said in a press release.

Correction: This article was updated to reflect that HDC was not the sole lender of the financing; it was the primary lender.


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
CW Realty's Cheskie Weisz and an aerial of the development site at 296 4th Avenue, 288 4th Avenue, 21 Denton Place (CW Realty, Google Maps)
Cheskie Weisz plans 200 Gowanus apartments
Cheskie Weisz plans 200 Gowanus apartments
Boston Properties CEO Owen Thomas and 343 Madison Avenue (Boston Properties, Getty Images)
Boston Properties plans 1M sf tower at ex-MTA HQ
Boston Properties plans 1M sf tower at ex-MTA HQ
1591 Alps Road in Wayne, NJ and March Associates Construction president Louis March (Google Maps, Getty, March Associates)
From funeral home to strip mall
From funeral home to strip mall
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Sen. Mitt Romney and Sen. Kyrsten Sinema (Getty)
Developers, rejoice: Carried-interest loophole is saved again
Developers, rejoice: Carried-interest loophole is saved again
From left: Jeff Goldberg, CEO of Fairstead, and Will Blodgett, Founder of Tredway (Getty Images, Fairstead)
Fairstead fires back, alleges Blodgett threatened to go “torched earth”
Fairstead fires back, alleges Blodgett threatened to go “torched earth”
arrow_forward_ios

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

Loading...