Vaya Development Secures $65.6M Construction Loan For Mt Hope Affordable Building

The development site at 1940-1942 Jerome Avenue in Mt Hope, Bronx, with a buildable square footage of 77,855, was the subject of a $65.6 million construction loan secured by Vaya Development. The loan was provided by the NYS Housing Finance Agency and NYC Department of Housing Preservation and Development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $65,600,000
• Market: Mt Hope, Bronx
• Lender: NYS Housing Finance Agency & NYC Department of Housing Preservation & Development
• Landlord: Melissa Bind - Vaya Development
• Loan Type: Construction

Melissa Bind of Vaya Development acted as the landlord in the transaction, overseeing the development of a 114-unit affordable residential building at the property on Jerome Avenue. The financing for the project was facilitated through a collaboration between the NYS Housing Finance Agency and NYC Department of Housing Preservation and Development.