Goldman Sachs $100M construction loan to jump start affordable senior housing project in Soundview

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Developers say 100% of the units at 1940 Turnbull Ave., in Soundview, will be reserved for seniors aged 62 years or older, with 30% of the units set aside for seniors who were formerly homeless.
Photo courtesy Asland Capital Partners

A $100 million construction loan from Goldman Sachs will jumpstart the development of 1940 Turnbull Ave., a 154-unit affordable housing property for the city’s senior population in the Soundview section.

According to project officials with Asland Capital Partners, 100% of the units will be reserved for Black women aged 62 years or older, with 30% of the units set aside for seniors who were formerly homeless.

The 14-story project, which is set for a fall 2024 completion date, is part of Goldman Sachs’ One Million Black Women initiative, a $10 investment strategy to narrow opportunity gaps for Black women in the next decade across key pillars including the financing and preservation of quality affordable housing. Additionally, developers have partnered with Selfhelp Community Services Inc. to provide on-site social services for residents, in particular providing assistance to formerly homeless seniors.

“Diverse communities like Soundview have been particularly hard hit by the housing crisis, making projects like this, which is providing much-needed, quality, affordable, senior housing, absolutely essential,” said Dan Alger, co-head of the Urban Investment Group within Goldman Sachs Asset Management. “We are excited to participate in this project alongside our public and private partners as we deepen our commitment to The Bronx.”

The construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity with the city’s Department of Housing Preservation and Development (HPD) providing an additional subsidy.

The proposed Soundview development is also a participant in HPD’s Housing+ initiative which is designed to add new housing on underutilized land while addressing the rehabilitation and financing needs of existing developments.

“Since the founding of Asland in 2019, our team has worked diligently to make this project a reality. We are excited to play a leading role in this major development in the Soundview section of the Bronx, an area where I have worked in to preserve 2,500 units of affordable housing over the past 15 years,” said James H. Simmons III, CEO and founding partner of Asland Capital Partners, one of the project partners for 1940 Turnbull Ave.

The project’s focus on obtaining LEED Gold designation affirms the importance of environmental, social and governance initiatives to the project’s partners. Key sustainability features expected to be included in the project are low-flow water fixtures, a high-performance building envelope and a green roof.

Reach Robbie Sequeira at rsequeira@schnepsmedia.com or (718) 260-4599. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes

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