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The Peninsula, a 100% affordable mixed-use development in Bronx, NY has closed on $297 million in financing for its second phase. Financing was provided by the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), and Wells Fargo. This collaboration will deliver two mixed-income buildings with 359 affordable homes as well as a public plaza, open space, parking and community facilities. Construction is set to begin this summer with completion expected in 2026; when complete The Peninsula campus will consist of five buildings providing 740 affordable homes along with retail space, community facilities and open space by 2029.

“To us The Peninsula is about creating a vibrant community where Hunts Point individuals and families can flourish for many generations,” said Ed Broderick President & CEO of Gilbane Development Company.

The post Affordable Mixed-Use Development in the Bronx: The Peninsula Closes Phase Two appeared first on CRE MarketBeat.