Real Estate Weekly
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Construction & Design

JV closes on $60M in financing for BX affordable dev

A joint venture of PRC and Camber Property Group last week closed on financing for the construction of a 163-unit affordable housing development at 975 Tiffany Avenue in the Bronx’s Longwood neighborhood.

975 Tiffany Avenue will be funded through a combination of $40 million in tax-exempt bonds and subsidy from the New York City Department of Housing Preservation and Development and Housing Development Corporation and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation. PRC and Camber are providing the remaining $5 million.

“We’re thrilled to once again partner with PRC to provide critically needed affordable housing on formerly underutilized lots in Longwood,” said Rick Gropper, Principal of Camber Property Group. “Leveraging underutilized land to address the housing crisis is essential, and we applaud the de Blasio administration and Council Member Salamanca for their sustained leadership on this issue.”

“We’ve provided high-quality affordable housing for New Yorkers since 1971 and our work in Longwood, where there’s such a critical need for affordable housing, has been especially rewarding, said Ben Linde, Principal at PRC. “Thanks to all our partners in helping us see this closing to fruition.”

“Progress towards Housing New York is about more than putting shovels in the ground—it is about ensuring that affordable housing is within reach of more New Yorkers struggling to find and keep their foothold in this city,” said HPD Commissioner Maria Torres-Springer. “ The 161 affordable apartments underway on Tiffany Street in Longwood will bring opportunity and stability not just to the neighborhood but to the families who will soon call this home. I applaud our many partners for their commitment to making New York City a more affordable place to live.”

“Mayor Bill de Blasio’s Housing New York plan continues to advance the construction of new affordable housing across the city, and today we celebrate one of the plan’s latest successes. Thanks to the tremendous efforts of our partners at HPD, HUD, PRC and Camber, this project will transform underused land into 161 affordable homes in the Longwood neighborhood of the Bronx for generations to come,” said HDC President Eric Enderlin.

“The city is facing an affordable housing crisis and building 100% affordable projects like 975 Tiffany Avenue is what the city needs,” said Council Member Rafael Salamanca, who also serves as Land Use Chair. “These 161 units will not only offer low-income and working class residents new and amenitized residences, but also welcome formerly homeless individuals and families ready for independent living. I look forward to continuing my partnership with PRC and Camber Property Group on this much-needed community development.”

The eight-story project will include studio, one-, two- and three-bedroom units for residents with incomes ranging from 27 to 100 percent of area median income, along with 24 units for formerly homeless individuals and families. The building, which was designed by Peter Clements Architect P.C., will include a gym and recreation room for residents along with public streetscape improvements. The land for the project was previously a privately owned vacant lot and privately owned underutilized parking lot. Melcara Corp. will serve as the project’s construction manager.

975 Tiffany marks the third 100 percent affordable housing collaboration for the PRC-Camber joint venture in the Longwood neighborhood. The partnership is nearing completion of 1000 Fox Street, an eight-story, 120 unit affordable project, and 960 Simpson Street, a six-story, 80-unit building. Both developments, built on privately owned vacant lots, have begun the lottery process and are expected to be complete by the end of the year.

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