Bronx Pro Group (BPG) and Precise Management formed a joint venture to substantially renovate 6 buildings located in Harlem that upon completion of the renovation will contain 125 units. An affiliate of BPG will be the managing member of the joint venture through the 15-year tax credit compliance period. Three of the buildings were owned by The New York City Housing Preservation and Development (“HPD”) and two of the buildings were owned by the non-profit Neighborhood Restore. During construction the tenants were relocated within the portfolio and will return to either their existing units or new units upon construction completion. The project is expected to have a 38-month construction which allows for the buildings to be renovated in 2 Phases.
The proposed project is located at 1017 Home Street in the Foxhurst section of the Bronx, NY. The property consists of a 9,421 square foot development site currently occupied by a dilapidated, two-story church. The proposed development will transform 1017 Home Street into an 8 story, newly constructed senior housing project. The project will be financed through the New York City Senior Affordable Rental Apartments (SARA) Program, 9% Low Income Housing Tax Credit (LIHTC) equity and a bank loan.
The proposed development includes 64 units of housing along with 8 on-grade parking spaces and 3,003 square feet of first floor community facility space. The project design meets LEED Gold standard and includes many energy efficient features. The residential amenities include a lounge, gym, bike room, roof terrace, tenant storage and on-site laundry The unit mix includes a two-bedroom superintendents unit, forty-five (45) studios and eighteen (18) one-bedrooms that will be rented to Seniors aged 62 and over with incomes up to 60% of the area median income. Thirty percent of the units will be reserved for homeless seniors referred by a City or State agency.
The proposed project is located at 3363-3365 Third Avenue in the Morrisania section of the Bronx, NY. The development will consist of thirty (30) units including, twenty-four (24) LIHTC units, five (5) Moderate Income units and one (1) unit set aside for an on-sight superintendent. The building will include 9,586 of community facility space. The project will be financed through the New York City Neighborhood Construction Program, 9% Low Income Housing Tax Credit (LIHTC) equity and a bank loan. The project is being designed to meet the Passive House Standard. Constructions start is estimated for March 2016.
In January 2016, Bronx Pro began construction on 2264 Morris Avenue, located in the Fordham neighborhood of the Bronx. The eleven story, 94 unit property will contain a mix of low income, moderate income and supportive housing. The project is being developed through a joint venture with Services for the Underserved. The project has been designed to meet LEED Gold certification and a pilot program for WELL certification. The proposed financing will include New York State Housing Finance Agency Tax Exempt Bonds, a loan from the New York City Housing Preservation Development, Low Income Housing Tax Credits, New York State Medicaid Reform Team (MRT) funding and New York State Office of Mental Health funding.
Is the acquisition and substantial renovation of 64 units formerly owned by Neighborhood Restore. The project was acquired through HPD’s TPT program and financing included a private construction loan from CPC and financing from HPD’s PLP program. Total Development Cost $9 MM.