L&M close to scoring $349M for South Bronx affordable housing development

Bronx Point will have 542 affordable apartments, Universal Hip-Hop Museum

A rendering of Bronx Point at 575 Exterior Street with L+M Development's Ron Moelis (Photos via L+M; Google Maps)
A rendering of Bronx Point at 575 Exterior Street with L+M Development's Ron Moelis (Photos via L+M; Google Maps)

The developers of a major project on the Bronx Harlem River waterfront plan to close on about $349 million in financing next week, with the goal of starting construction in January.

L+M Development Partners, led by Ron Moelis, along with Type A Projects and BronxWorks will move forward on their Bronx Point development after being delayed because of the pandemic, the Wall Street Journal reported.

The company was supposed to close financing in June. The project will get $238 million in city bonds and funding. Other financing comes from state grants, equity from developers and federal tax credits, and Brownfield tax-credit equity from Wells Fargo.

When completed, the project at 575 Exterior Street will have 542 affordable apartments. There will also be community and cultural benefits — notably a permanent home for the Universal Hip-Hop Museum — as well as 2.8 acres of public space.

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Construction at the project, which is on a former industrial site, is due to be finished by the end of 2023.

The larger Bronx Point development will be completed in phases and will ultimately bring more than 1,000 apartments to the borough.

[WSJ] — Keith Larsen