Maddd Equities and Joy Construction have landed a roughly $64 million construction loan from Wells Fargo for their massive affordable housing project in the Bronx, according to Joy Construction’s Eli Weiss.
The money will go towards the firms’ projects at 1159 and 1184 River Avenue. The project at 1159 River Avenue will include 250 affordable housing units across 200,000 square feet with space for retail and parking, and the project at 1184 River Avenue will span about 548,000 square feet with 500 residential units, along with retail and community space.
The sites are located within the part of Jerome Avenue that the City Council recently voted to rezone, a move that aims to bring about 4,600 new units of housing to the city.
Wells Fargo did not respond to a request for comment.
Maddd and Joy also recently received a roughly $34 million recapitalization for their Downtown Newark project from Natixis and a $45 million construction loan from Bank Leumi USA for their hotel project at 305 West 48th Street in Hell’s Kitchen.
Cheskel Schwimmer recently landed a $65 million construction loan from S3 Capital Partners for his South Bronx project at 210 East 135th Street.