The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
The list of New York City developments includes Peninsula Phase II, Wakefield Yards, and Blondell Commons in The Bronx, as well as Edgemere Commons Building B1 in Queens. St. Clair, the fifth and final project, is located in Yonkers. Together, these projects will yield more than 1,100 apartments.
The division, abbreviated as CLI, provided $250.6 million in debt and equity financing to Gilbane Development Company, The Hudson Companies, and MHANY Management for Peninsula Phase 2, the second phase of the redevelopment of the former Spofford Juvenile Detention Facility in The Bronx. Located in the borough’s Hunts Point neighborhood, the project will comprise 359 affordable units, all reserved for households earning up to 70 percent Area Median Income (AMI). A total of fifty-four apartments will be set aside for formerly homeless tenants.
The building will also house a new daycare and a community facility for two local non-profit organizations.
Rendering of The Peninsula affordable housing campus – WXY Architecture + Urban Design
For Wakefield Yards, CLI provided $179.1 million in financing to Radson Development. When complete, the project will create 251 affordable units for households earning up to 80 percent AMI. This includes 38 apartments set aside for the formerly homeless.
A $147.1 million package provided to Exact Capital Group will be used to complete Blondell Commons, a 182-unit affordable housing property in Westchester Square, Bronx. Available apartments will be reserved for households earning up to 70 percent AMI.
Rendering of the next affordable housing property to debut at Edgemere Commons – Courtesy of Aufgang Architects
Tishman Speyer’s TS Communities received $138.6 million from CLI for their sprawling Edgemere Commons affordable housing complex in Far Rockaway, Queens. The loan will support completion of Building B1 located at the corner of Beach Channel Drive and Beach 52nd Street. The 247,000-square-foot building will comprise 237 apartments for households between 30 percent and 80 percent AMI, including 36 apartments reserved for the formerly homeless.
The building will also house 8,000 square feet of retail space, and a 7,500-square-foot community facility. Upon completion Edgemere Commons will have 11 buildings and encompass around 2,050 apartments.
The smallest financial package, a $65 million loan, was provided to MacQuesten Development for St. Clair, a 76-unit, 100 percent affordable project located in Yonkers. The 10-story property occupies a trio of parcels at 32 Main Street, 36-38 Main Street, and Riverdale Avenue, and will create 76 apartments. Available homes will be reserved for households earning from 50 percent to 80 percent AMI.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
This almost makes Wells Fargo respectable.
Yes that is what i.am talking about. Thank you
Theses are all great projects happy to see them moving along.
Building the slums of tomorrow, today!
That’s the spirit.