Updated Dec 13, 2024
The Peninsula Development In Bronx Secures $297M Financing For Affordable Residential Units
$297,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 30, 2023
About this deal
AI
The Peninsula development project in the Bronx has secured $297 million in financing for its second phase, which will feature 359 fully affordable residential units. The project, a collaboration between Gilbane Development Co., Hudson Cos., and MHANY Management Inc., has obtained a loan from New York City Housing Development Corporation, Wells Fargo, and New York City Department of Housing Preservation & Development.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $297,000,000
- Lender: New York City Housing Development Corporation, Wells Fargo & New York City Department of Housing Preservation & Development
- Landlord: Gilbane Development Company
The loan for the second phase of the Peninsula development project in the Bronx has been provided by a consortium consisting of New York City Housing Development Corporation, Wells Fargo, and New York City Department of Housing Preservation & Development. The project, led by Gilbane Development Co., Hudson Cos., and MHANY Management Inc., aims to create 359 fully affordable residential units.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93