The Real Deal New York

Bronx portfolio gets $100M debt injection to fund rehab

NCV, Lemor and Mount Hope Housing Company are partnering to upgrade 515 units
By Mary Diduch | January 14, 2019 02:45PM

Clockwise from top left: 200 Morris Avenue, 1975 Walton Avenue, 184 Walton Avenue, and 61 East Tremont Avenue in the Bronx with NCV Capital Partners’ Keith Gordon (Credit: Google Maps)

Thirteen affordable housing apartment buildings in Mount Hope are getting a facelift.

NCV Capital Partners and Lemor Development Group have teamed up with landlord Mount Hope Housing Company on the project, which is being called the “Mount Hope Renaissance.” The properties hold 515 units and span East 175th Street and East Burnside Avenue.

The buildings have been under the nonprofit Mount Hope Housing Company’s ownership and management for years but are in need of capital improvements and repositioning. The partnership secured nearly $100 million in debt and equity to fund the rehab, according to a press release.

The rehabilitation is expected to start this quarter and includes kitchen and bathroom renovations and energy-efficiency improvements.

“We are proud to have provided our expertise and capital to help Mount Hope rehabilitate and reposition these Bronx community assets in this rapidly improving South Bronx neighborhood,” Keith Gordon, managing partner of NCV, said in the release.

The financing also includes a $30 million construction loan from CPC and lending partner Amalgamated Bank. Nonprofit CPC is also providing a permanent loan through its funding partnership with the New York City Retirement Systems, and the New York City Department of Housing Preservation and Development is offering a property tax exemption and low-interest financing, which will keep the buildings affordable, according to the release.

“Mount Hope Housing Company is steadfast in our commitment to meeting the needs of our community and maintaining affordable housing for our residents,” said Fritz Jean, CEO of Mount Hope Housing Company.

Nearby, Procida Companies partnered with the Mount Hope Housing Company in 2017 and filed plans for a 14-story residential building with more than 100 affordable units at 1761 Walton Avenue.