Maddd Equities and Joy Construction’s massive affordable housing project in the South Bronx is closer to becoming a reality.
The two developers scored $140 million in financing for the development, which is expected to span across 1164–1184 and 1159 River Avenue. Crain’s reports $92 million came from Wells Fargo, while the other $48 million came from the Housing Development Corporation and Department of Housing Preservation and Development.
River Crest, as the project has been dubbed, will deliver 750 units of affordable and supportive housing blocks from Yankee Stadium. The project will span approximately 748,000 square feet, including 120,000 square feet of commercial and community space and 125 parking spots.
According to Crain’s, the developers already landed a $64 million construction loan from Wells Fargo in 2019. The final phase of work has already started and completion is expected in early 2024.
Joy Construction principal Eli Weiss told Crain’s the financing win provides “an excellent example of the public-private partnership between government and both the real estate and banking industries.”
The Bronx has attracted a slew of housing activity in recent months. In the borough’s Mott Haven neighborhood alone, there are about 20 residential projects with more than 5,000 combined apartments arriving in the coming years. Many of the projects include plans for 30 percent of affordable housing, while others will include 100 percent affordable housing.
Frequent collaborators Maddd Equities and Joy Construction in August filed plans for a massive mixed-use building at 202 Tillary Street in Downtown Brooklyn. The building will have 465 apartments and span more than 436,000 square feet, expected to cost $132 million to build.
The developers bought the parcel for the building in 2018 for $30 million.
[Crain’s] — Holden Walter-Warner