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.