The Peninsula Development In Bronx Secures $297M Financing For Affordable Residential Units | Gilbane Development Company borrows $297,000,000 loan for development site property in Bronx | New York City Housing Development Corporation, Wells Fargo | Development Site | Loan

Summary

Loan

NEW YORK

Development Site

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

All
2

Lenders
2

New York City Housing Development Corporation

Wells Fargo

Details

Deal Summary

FINANCED

IMAGE: Robert V. Gilbane & Edward T. Broderick DATE: 06/30/2023 MARKET: Bronx ASSET TYPE: Development Site LENDER: New York City Housing Development Corporation, Wells Fargo & New York City Department of Housing Preservation & Development LANDLORD: Gilbane Development Company LOAN AMOUNT: $297,000,000 NOTE: 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.

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AddressGilbane Development Company borrows $297,000,000 loan for development site property in Bronx

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