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Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx

NEW YORK CITY — A partnership led by Olshan Properties and O’Connor Capital Partners, in conjunction with New York City’s Housing Development Corporation (HDC) and Department of Housing Preservation and Development (HPD), has begun construction on a new 221-unit affordable seniors housing development in the Parkchester section of the Bronx.

The development, which will be called Parkchester Gardens, is scheduled for completion by mid-year 2023.

Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. The New York City HDC provided $81 million of bond financing for the development. In addition, Wells Fargo provided mortgage financing via a combination of low-income housing tax credit (LIHTC) equity and a Letter of Credit.

Parkchester Gardens will deliver affordable housing units to a community where prohibitively high housing costs and COVID-related job losses have increased sharply, according to the developers. The costs to residents will be subsidized by a Project-Based Section 8 contract for the building, provided by the New York City Department of Housing Preservation and Development.

Of the total units, 67 will be set-aside for formerly displaced seniors. Selfhelp Community Services will provide onsite services and programming for building residents, funded by a contract from the New York City Human Resources Administration.

The post Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx appeared first on Seniors Housing Business.

Source: Senior Housing Business

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