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Spaxel, Atalaya Capital Management receive $82m in financing for 3 Bronx communities
Spaxel and Atalaya Capital Management have received $81.7 million for 179 units of affordable housing to the Bronx, N.Y., landing funding to assist with the development of three communities in the New York City borough, according to various media outlets. Financing comprised of $30.9 million in equity is coming from CBRE Investment Management and $50.8 million in financing is from CIT.
Walker & Dunlop arranged the equity and financing on behalf of the developers. The deals closed on April 28. The developers plan to start construction on the communities shortly and expect to finish them in two years.
The three properties will be built as institutional-quality affordable communities. Each of the communities is set to be Passive House-certified, seeking to reduce the amount of energy used for heating and cooling. The communities are also part of the now-expired 421(a) program and the Section 8 program.
The property at 2710 Creston Ave. totals 57,400 squar