Association of New York Catholic Homes borrows $96M in construction financing for projects in Bronx

Association of New York Catholic Homes through the entity St. Philip Neri Apartments LLC as borrower signed a loan agreement with lender New York State and others totaling $96.4 million for 2 parcels, including the tax class not available at 3054 Villa Avenue and 3069 Villa Avenue in the Bronx. The deal closed on July 30, 2020 and was recorded on August 19, 2020.

The two parcels are expected to house 186 units and are part of a plan to build 866 units on Catholic Church-affiliated property.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 95,722 square feet. Those plans include a total of 101 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link