L+M Development Partners, Type A Projects, BronxWorks, and the City of New York have closed on $349 million financing package to complete phase one of Bronx Point, a new mixed-use affordable housing complex in the South Bronx. As a public-private partnership, the financing entities include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, Empire State Development, Wells Fargo, and additional private funding sources.
The overall funding includes $323.5 million for the building, along with $25.5 million from the NYC Economic Development Corporation for the construction of a waterfront esplanade along the Harlem River.
“A critical component to making our city fairer is strengthening neighborhoods for all New Yorkers,” said James Patchett, president and CEO of New York City Economic Development Corporation. “Today marks a major step toward advancing the administration’s key investments in the South Bronx. By bringing affordable housing, waterfront access, and a range of cultural facilities, we are creating a more equitable New York.”