Plaza Borinquen Apartments
Creating New Affordable Housing in the Bronx through Redevelopment
Originally constructed in 1975, Plaza Borinquen 88 is located in the Mott Haven section of the Bronx, a borough of New York City. Totaling 88 units, the Plaza Borinquen 88 apartment community is designed as groups of triplex townhomes on three scattered sites. The cohesion of the complex is reinforced by red brick exterior facades, a shared open courtyard between the three sites, separately gated patio areas, and well landscaped common exterior spaces throughout.
REDEVELOPMENT
Total Cost
| $25,400,000 |
Description
Plaza Borinquen 88 has benefited from a major redevelopment including deep repair and major renovations.
Financing
Secured financing and funding for this redevelopment project included:
| $8,400,000 | Permanent financing provided by New York City Housing Development Corporation (HDC) from an allocation of their tax-exempt bonds |
|---|---|
| $7,700,000 | Equity from PNC Bank from sale of Low Income Housing Tax Credits allocated by New York City Housing Preservation (HPD) |
| $1,900,000 | City Capital Loan provided by HDC and HPD |
| $7,400,000 | Seller financing and other contributions and deferrals by NHPF |
ACQUISITION / PRESERVATION
Total Cost
| $7,750,000 |
Description
Plaza Borinquen is particularly noteworthy as multifamily housing because the majority of the 88 total apartments offer four bedrooms each. The additional 32 apartments are divided equally between 16 one-bedroom and 16 two-bedroom units. Residents have household incomes at or below 60% of AMI and receive rental subsidies through HUD Section 8 Housing Assistance Payments (HAP).
Financing
Secured financing and funding for this project included:
| $1,000,000 | NHPF |
|---|---|
| $6,750,000 | New York City Acquisition Fund LLC |