G & M Properties Phase 1

Bronx, NY

In July 2013, Bronx Pro entered into a contract to preserve 10 multifamily properties (449 units) in partnership with the original owner. HPD provided financing on the project’s first phase through its PLP program with JP Morgan Chase acting as the private lender plus developer equity. The second phase is financed with 9% Low Income Housing Tax Credits issued by HPD as well as subsidy financing through the PLP program and a private permanent loan provided by Enterprise Community Partners. The Total Development Cost was $86.3M.