2064 Grand Concourse
The 2064 Grand Concourse apartments will bring 98 units of affordable housing to the Fordham Heights neighborhood in the Bronx, New York. Sixty-eight unit will be affordable to individuals earning up to 60% AMI and 30 units will be affordable to individuals earning up to 30% AMI.
Loan purpose: Acquisition and predevelopment
Project: Affordable rental housing
This loan funds TCB 2064 Grand Concourse Limited Partnership’s acquisition and predevelopment of a two-story building to redevelop into 98 affordable housing units.
Borrower: The borrower was formed by and is controlled by The Community Builder (TCB), a non-profit organization. TCB is headquartered in Boston and owns affordable housing properties in 14 states and the District of Columbia. Since TCB’s inception, it has developed over 29,000 units of affordable and mixed-use housing units.
Loan Details: Partners' 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.