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.