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Developers close $120M finance deal for affordable Bronx development

B&B Urban and L+M Development Partners have secured financing and broken ground at Williamsbridge Gardens, a fully affordable rental building in the Northeast Bronx.

The building will include 170 units of affordable housing for low and moderate-income families, including 85 homes for the formerly homeless with support services provided by the Center for Urban Community Services (CUCS). Construction is anticipated to take two years.

Williamsbridge Gardens is being financed with $53.8 million in tax exempt bonds being issued by New York State Homes and Community Renewal’s (HCR) Housing Finance Agency. Citi Community Capital is providing the bond credit enhancement during the construction period. HCR’s Supportive Housing Opportunity Program provided an additional $11.75 million in funding, the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program funded $11.75 million and the Bronx Borough President $750,000. Raymond James is investing approximately $40 million in low-income housing tax credit equity.

“Williamsbridge Gardens directly addresses NYC’s most urgent needs with 100% new affordable housing, including 50% of the units set aside for formerly homeless families, in two buildings at a location offering immediate subway access and an array of vital retail services” said Alan Bell, Principal of developer B&B Urban. “Along with our partners, we at B&B extend our deepest appreciation to the staff and leadership at the NYS HCR and the NYC HPD for extending themselves during this most difficult time to get us over the goal line.”

“Williamsbridge Gardens will bring much-needed affordable homes to the Northeast Bronx, and we are thrilled to have worked with our partners to make this development a reality,” said Spencer Orkus, Managing Director at L+M Development Partners. ““This pandemic has underscored the importance of providing affordable homes and supportive services to the most vulnerable New Yorkers, and we’re looking forward to welcoming our new neighbors home to Williamsbridge Gardens.”

Williamsbridge Gardens will comprise two eight-story buildings along East 211th and East 212th Streets, which together will frame a large common landscaped rear courtyard. The buildings will offer 30 studio, 55 one‐bedroom, 57 two‐bedroom and 27 three‐bedroom apartments, along with a live‐in superintendent unit.

CUCS, one of the leading agencies serving homeless and formerly homeless New Yorkers, will provide on-site support for formerly homeless residents. The organization specializes in programing that links housing, health and social services for low-income individuals and families across the city.

Williamsbridge Gardens is designed by MHG Architects and will include amenities such as 24/7 front desk security, a large landscaped interior courtyard, community room with kitchenette, computer lab and children’s library, exercise room, laundry room in each building, and green components, including a rooftop photovoltaic solar installation and energy-efficient appliances.

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