Congregation Seals $107M Financing for New Bronx Church, Resi Building

Via Commerical Observer

Property records filed this week show that Azimuth Development Group secured about $107 million in affordable-housing financing from the New York City Housing Development Corporation (HDC) towards the construction of a new multifamily building on the site of the Bronx Pentecostal Deliverance Center, at 1755 Watson Avenue in the borough’s Soundview section. The church, through its partnership with Azimuth, arranged to have its lot rezoned last year to allow for the nine-story, 313,000-square-foot mixed-use complex it aims to put up at the site of its current church.

The financing—at 35 years, exceptionally long in duration for a commercial project—is divided among a portion funded by tax-exempt bonds, a portion funded by a corporate loan from the HDC and a third piece sourced from a grant provided by New York City Housing Preservation & Development.

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