TD Bank Closes $18M Loan for Bronx Affordable Housing
Working on behalf of developers MHANY Management Inc. and We Stay/Nos Quedamos Inc., the loan will go towards the second phase of Phoenix Estates, a 180-unit building in Hunts Point.
TD Bank has arranged $18.4 million on behalf of MHANY Management Inc. and We Stay/Nos Quedamos Inc. to develop the second phase of Phoenix Estates, a mixed-use property in the Bronx’s Hunts Point neighborhood. Construction has begun and is scheduled for completion in 2020. The city of New York is also providing a $14 million investment to the development.
Located at 700 Manida St., the eight-story building will comprise 111,000 square feet and offer 180 affordable units to low-income seniors and very low- and moderate-income families. This asset will replace Bedrock Park, an underutilized park space, but preserve and rebuilt several thousand feet of open space for recreational resident uses. Common area amenities will include a laundry area, bicycle storage, a garden, a recreation space and a dedicated community facility used to host classes.
“We’re proud to continue working with MHANY and offer the financing for this project, as it will aid families in a currently underserved community,” Gregg Gerken, head of Commercial Real Estate for TD Bank, told Multi-Housing News. “We look forward to supporting this initiative and future developments with the organization. We’re invested in making a positive impact, because this is part of what makes TD Bank different.”
Rendering courtesy of MHANY Management Inc.