Gotham, Goldman secure $162 million construction loan for residential community

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B&B Urban and L+M Development Partners have secured $78.05 million in financing to start construction on Williamsbridge Gardens, a 170-unit, affordable rental housing complex in the northeastern Bronx enclave of Williamsbridge, reports Commercial Observer.

Williamsbridge Gardens is a new development of two eight-story buildings fronting on East 211th and East 212th streets in the Bronx.

The two buildings will frame a large common landscaped rear yard and will provide 170 units for low income families. The buildings will offer 30 studio, 55 one-bedroom, 57 two-bedroom and 27 three-bedroom apartments, along with a live-in superintendent’s unit. Its 85 units will be set aside for formerly homeless families and individuals with on-site services provided by the non-profit CUCS. The remaining 84 units will be available at a mix of low- and moderate-income rents.

The building will feature a large landscaped interior courtyard, community room with kitchenette, computer lab and children’s library, exercise room, laundry room in each building, and green features including a rooftop photovoltaic solar installation and energy efficient appliances.

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