Bronx, NY KeyBank Community Development Lending and Investment (CDLI) closed $24.5 million in total financing for the Gilbane Development Company’s acquisition and renovation of two New York City Housing Authority (NYCHA) properties, Highbridge Franklin and Twin Parks West, to preserve 647 units of permanent affordable housing.
Both properties are part of NYCHA’s plan to finance, renovate and manage 1,700 apartment units across 17 developments under its Permanent Affordability Commitment Together (PACT) program. PACT is New York City’s implementation of the federal Rental Assistance Demonstration (RAD) program.
“The renovation of Highbridge Franklin and Twin Parks West in the Bronx underscores the important work done by the NYCHA’s PACT program to preserve necessary affordable housing options in the city,” said Rob Likes, national manager of KeyBank’s CDLI team. “We are proud to provide the financing Gilbane Development Co. needs to renovate and maintain more than 600 units of safe, decent and affordable housing for the community.”
“Through our PACT/RAD program, we have found a new answer to bring immediate fixes to our residents’ homes and address NYCHA’s $32 billion repair need. We are thrilled to work with our partners, KeyBank and Gilbane, as we take big steps to convert Highbridge Franklin and Twin Parks West to the Section 8 program, effectively bringing significant improvements for more than 600 Bronx families,” said NYCHA interim chair and CEO Stanley Brezenoff.
“Under the leadership of mayor De Blasio, the Authority will continue to shepherd its expansion of PACT/RAD to transform 62,000 NYCHA apartments across the city by 2028.”
Residents at Highbridge Franklin and Twin Parks West will have access to a range of supportive services through Bronxhouse, which offers youth services, housing assistance, workforce development, healthcare education and provision, homeless services, immigration services and assistance in accessing public benefits.
“At Gilbane, we focus on developing housing options that are community-driven and cost effective,” said Ed Broderick, president and CEO at Gilbane Development Company. “Our expertise in highly skilled community development projects aligns with KeyBank’s comprehensive financing solutions. We are proud to partner with the bank to improve housing options for residents at Highbridge Franklin and Twin Parks West.”
Highbridge Franklin includes the tenant-in-place rehabilitation of 14 buildings with 336 units and Twin Parks West includes the tenant-in-place rehabilitation of 311 housing units. Long-term, both properties will benefit from building envelope and façade renovations, installation of sustainable features like LED lighting, new mail boxes, new security systems, landscaping, refreshed community spaces and interior unit renovations that introduce energy star appliances and new windows.
“The CDLI platform makes it possible for Gilbane Development Company to work closely with NYCHA on the physical improvement of critical housing options in New York City,” said Kyle Kolesar, senior vice president and senior banker on KeyBank’s CDLI team who worked on the financing. “Together, our work will support community needs and protect the long-term quality and affordability of both properties.”
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