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

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FINANCED
$193,000,000

New York

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Development Site
Financed 01/05/2026
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Property Image
FINANCED

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

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Development Site
Financed 01/05/2026
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

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:

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

NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER
ND
NYC Department of Housing Preservation & Development
LENDER
GC
Gilbane Development Company
LANDLORD

Details

FINANCED
IMAGE: James Patchett & Jody Rudin DATE: 01/05/2026 ADDRESS: 860 Concourse Village East MARKET: Bronx ASSET TYPE: Development Site LENDER: NYC Department of Housing Preservation & Development; NYC Housing Development Corporation LANDLORD: James Patchett - Gilbane Development Company & Jody Rudin - Institute for Community Living LOAN AMOUNT: $193,000,000 NOTE: Gilbane Development, ICL, and Tredway secured financing with HPD and HDC for Renova West, a $193M, 19-story supportive and affordable housing project at 860 Concourse Village East in the Bronx.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$193,000,000.00

Monthly NOI$1,286,666.67
Monthly Debt Service$1,219,891.29
Change in Cash Flow$0.00
Refinance Proceeds$0.00