HELP USA signs $51.9M construction loan with the city for Bronx rentals

HELP USA through the entity Help Clusters Housing Development Fund Corporation as borrower signed a rehab construction loan with lender City of New York Department of Housing and Development valued at $51.9 million for five rentals including the 32-unit rental (C1) at 1233 White Plains Road in Soundview, Bronx, 26-unit rental (C1) at 1058 Teller Avenue in Longwood Melrose, Bronx, and 13-unit rental (C1) at 3034 Holland Avenue in Bronxwood, Bronx.
The deal closed on July 8, 2021 and was recorded on July 29, 2021.

The signatory for HELP USA was David Cleghorn.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1.9 million.
This is for affordable housing.
The owners according to the Department of Housing Preservation and Development include D’Avala Salvatore, head officer and Shelia Bennett, site manager. The business entities are Help Property Management and Neighborhood Renewal Hdfc.

Within a 400-foot radius of 1058 Teller Avenue, PincusCo identified one commercial real estate item of interest that occurred over the past 24 months.
It was a loan which Family Life Academy Charter School borrowed $40.8 million from Build NYC Resource Corp. bonds secured by 325 East 165th Street and two other properties on January 11, 2021.

Direct link to Acris document. link