James Patchett Of Gilbane Development Company & Jody Rudin Of Institute For Community Living Secures $193M Loan For Development Site In Bronx

860 Concourse Village East

$193,000,000

Building Size

—

Asset Type

Development Site

Closing

Jan 5, 2026

AI

The asset involved in this transaction is a development site located at 860 Concourse Village East in the Bronx. The loan amount secured for this site is $193,000,000, designated for a supportive and affordable housing project. The project consists of a 19-story building intended to accommodate community needs.

Summary of transaction details:

Property Type: Development Site
Transaction Amount: $193,000,000
Lender: NYC Department of Housing Preservation & Development; NYC Housing Development Corporation
Landlord: James Patchett - Gilbane Development Company & Jody Rudin - Institute for Community Living

The financing was secured for Renova West, with Gilbane Development, Institute for Community Living, and Tredway participating in the arrangement with HPD and HDC. This collaboration highlights the involvement of multiple stakeholders aiming to enhance housing opportunities in the Bronx community.

Players