New York City Housing Authority Secures $214 Million Construction Loan For Senior Housing In Bronx

3728 Park Avenue is an asset located in the Bronx, specifically designated for senior housing. The total loan amount for the construction of this project is $214,000,000. This development is intended to provide affordable housing and will consist of 229 units situated on the NYCHA Morris Houses campus.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $214,000,000
• Lender: New York City Department of Housing Preservation & Development; New York City Housing Development Corporation; US Department of Housing and Urban Development
• Landlord: New York City Housing Authority
• Loan Type: Construction
• Expected Move-ins: Early 2029
• Construction Companies: The NRP Group, Selfhelp Realty Group and Foxy Management

This transaction involves key stakeholders including the lenders, New York City Department of Housing Preservation & Development, New York City Housing Development Corporation, and the US Department of Housing and Urban Development. The project is executed in partnership with the New York City Housing Authority as the landlord.