Two separate financing deals — totaling more than $30 million — will facilitate the preservation and rehabilitation of 303 existing affordable housing units across 17 buildings in the East Tremont, West Farms and Morrisania sections of the Bronx.
The first deal — a $16.5 million refinancing obtained by Rockabill Consulting and Aquinas Housing Corporation (AHC) — includes a total of four buildings and 106 affordable units in the East Tremont and West Farms neighborhood. AHC is a Bronx-based nonprofit and already boasts a portfolio of 1,300 units borough-wide.
Consulting firm Rockabill secured $7.6 million in city Department Housing Preservation and Development (HPD) subsidies and a construction loan of $8.9 million from JP Morgan Chase, which will allow for the replacement of building systems, roofs, windows, and floors, along with masonry work, kitchen, and bathroom renovations across all four properties. Additionally, HPD has provided an increase of 24 project-based Section 8 vouchers as a result of the transaction.
The addresses of the four properties are: 1945 Vyse Ave., 1104 E. Tremont Road, 854 Bronx Park South and 2115-2117 Vyse Ave.
Rockabill’s most recent work with Aquinas is the second phase of an effort that saw $36 million in financing secured in June 2021 to facilitate the repositioning of an additional 17 affordable buildings consisting of 342 units across the borough. Both phases combined will total 21 buildings and 448 units with $52.5 million in financing secured.
The importance of these transactions, officials from Rockabill told the Bronx Times is that by taking advantage of financing tools and leveraging the value of their real estate holdings, nonprofits aim to preserve and protect affordable homes.
“We are proud to help venerable Bronx nonprofits, like AHC (Aquinas Housing Corporation), secure financing for the rehabilitation and revitalization of affordable homes in the borough,” said Tim Collins, principal of Rockabill. “Quality should never be sacrificed for affordability, and we know these improvements will have a tangible impact in resident’s lives.”
Last month, $15 million in refinancing monies went to Beulah HDFC for a total of 13 buildings and 197 affordable units, primarily located in Morrisania, just south of Crotona Park, where units will receive new boilers, roofs, and parapet and exterior masonry work.
The total development cost for that project is $34 million and construction is anticipated to begin later this month. The improvements will be completed without any displacement of tenants, development officials said.
This article was updated at 1:35 a.m. on Sept. 2.
Reach Robbie Sequeira at rsequeira@schnepsmedia.com or (718) 260-4599. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes
