Merchants Capital recently secured funding to redevelop a historic hospital structure in Jamaica, Queens into low-income and supportive housing. The announced funding package amounts to $21 million in the form of a Freddie Mac unfunded forward Low-Income Housing Tax Credit (LIHTC) cash loan on behalf of private affordable housing developer Dunn Development Corp.
Developers and city officials recently gathered at 405 Dumont Avenue to celebrate the commencement of construction on a new 100-percent affordable housing project. The development is known as Van Dyke III and is situated within the Van Dkye Houses campus in Brownsville, Brooklyn.
Developers and city officials recently celebrated the commencement of construction at Peninsula, a five-acre mixed-use complex in The Bronx. Located in Hunts Point, the project includes a complete transformation and conversion of the defunct Spofford Juvenile Detention Center.
Permits have been filed for a nine-story mixed-use building at 4519 White Plains Road in Wakefield, The Bronx. Located between East 239th Street and East 240th Street, the lot is two blocks south of the 241st Street subway station, serviced by the 2 train. The Doe Fund, known for developing affordable supportive housing, is listed as the owner behind the applications.
Permits have been filed for an eight-story affordable housing building at 1591 Jesup Avenue in Morris Heights, The Bronx. Located between the Cross Bronx Expressway and Featherbed Lane, the lot is near the Mount Eden Avenue subway station, serviced by the 4 train. Arjan Gjushi under the Jesup Development LLC is listed as the owner behind the applications.