Trinity Financial and MBD Community Housing borrow $163M from the City of New York for new housing in Bronx

Trinity Financial and MBD Community Housing through the entity Ph425 Housing Development Fund Corporation as borrower signed a loan agreement with lender The City Of New York valued at $163.4 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 425 Grand Concourse in Bronx. The deal closed on December 20, 2019 and was recorded on December 30, 2019.

The average loan per buildable square foot is about $700.
The developers plan a large passive house with 277 affordable housing units.

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 has been one new building permit application totaling 278,555 square feet. Those plans include a total of 277 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link