This $2,880,000 loan funds TCB 2064 Grand Concourse Limited Partnership’s acquisition and predevelopment of a two-story building in the Bronx, NY to redevelop into 98 affordable housing units. The borrower was formed by and is controlled by The Community Builder (TCB): a non-profit organization. TCB is headquartered in Boston, owns affordable housing properties in 14 states and the District of Columbia, and was ranked the number 22 affordable housing developer in the US by Affordable Housing Finance in 2019. Since TCB’s inception, it has developed over 29,000 units of affordable and mixed-use housing units.PCG’s work with the Leviticus Fund provides a $1,000,000 pari passu participation in the $2,888,000 acquisition and predevelopment loan. TCB is anticipated to complete a Low-Income Housing Tax Credit (LIHTC)- funded redevelopment of the property into new affordable housing for seniors. The development provides 98 units of income-restricted affordable housing, with 68 units for individuals earning up to 60% AMI and 30 units for individuals earning up to 30% AMI. The area is experiencing a 42% poverty rate and a 17% unemployment rate.
2064 Grand Concourse
PCG Loan Amount
$1,000,000
Total Loan Amount
$2,880,000
Geography
New York