Hudson Companies scores $335M in loans for Bronx megaproject
Money will go toward constructing the La Central project
One of the city’s largest residential projects has received $335 million in financing to help it move forward.
La Central, which will bring almost 1,000 new housing units and a new YMCA to the South Bronx, secured the financing for two of the project’s five buildings, which should be finished by 2020, according to Crain’s. The money came from public and private sources.
The uncertainty over tax reform complicated financing on the project, as companies started paying roughly $1 instead of $1.20 per tax credit around January 2017, leaving a massive affordable housing effort like La Central with a $20 million hole.
The development team, led by Hudson Companies, dealt with this by reducing construction costs and found financing from a state program to supplement Wells Fargo’s $100 million tax credit purchase.
Other amenities at the massive project include a skate park, a rooftop garden and solar panels. [Crain’s] – Eddie Small