Alan Bell’s B&B Urban and L+M Development Partners secured $61.8 million in funding for their Bronx supportive housing project at 2700 Jerome Avenue through city and state agencies.
Property records show that the partners are getting $35.5 million in tax-exempt bonds through the New York State Housing Finance Agency and $26.3 million in subsidies from NYSHFA and the city’s Department of Housing Preservation and Development. Bell told The Real Deal that the partners are also getting a $27 million tax-credit investment from wealth management firm Raymond James.
The figures add up to $88.8 million, but because part of the investment from Raymond James will be used to pay off the short-term NYSHFA bonds, the total sum used to fund construction will be lower. Bell said the project is expected to cost $70.5 million to build.
The 13-story building in the Kingsbridge neighborhood will include 136 below-market apartments. According to the developers, 40 units will be set aside for formerly homeless families and the remaining apartments are set to go to low- and middle-income households. Nonprofit Center for Urban Community Services will manage the building.
Bell, a former Hudson Companies principal, in 2014 announced plans for another Bronx residential building at 2065 Walton Avenue.