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L+M lines up financing for Bronx Point

Rendering of Bronx Point (Credit: S9 Architecture / YIMBY)

L+M Development Partners is expected to close on $349 million in financing next week for Bronx Point, the Wall Street Journal reported. Upon completion, the mixed-use development will encompass 542 units of affordable housing in the borough’s Lower Concourse neighborhood.

  • Dig Deeper: The development will also house several community and cultural centers, including a permanent location for the Universal Hip Hop Museum. A second phase of the project is also planned and will include 500 additional units of housing. Annie Tirschwell and Jill Crawford of Type A Projects are partnering with L+M on the deal.
  • Financing details: Bronx Point’s total cost includes $238 million in city bonds and funding. Additional financing comes from state grants, equity from the developers and both federal tax credits and Brownfield tax-credit equity from Wells Fargo. The financing was originally expected to come through in June, but was delayed because of the pandemic, the Journal noted.
  • Heard on the Street: L+M’s President David Dishy: “The city was going through a massive amount of consternation about resources and the availability of resources. Until that picture cleared up for them, it was understandably touch-and-go.” [WSJ+ProjectWebsite]

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