3095 Webster Avenue Update 08/02/22

Developer Receives $38.5M Loan for Bronx Affordable Project

Project developer, , has just obtained a $38.5 million loan for an 11-story residential building, planned for 3095 Webster Avenue in the Bronx's Norwood neighborhood. Financing was issued by Merchants Bank of Indiana, and it will be used to fund all construction costs from the ground up.

The structure will contain apartments, with around 60 percent of these slated to become supportive housing units, and the remaining 40 percent to be designated as affordable housing.

The building will have a cellar level and a number of tenant amenities. It will also boast energy-efficient systems, including rooftop solar panels and energy-saving appliances that will help it to exceed green certification requirements.

Two single-family houses that currently occupy part of the project site will have to be demolished before construction can begin. Designed by , 3095 Webster Avenue will stand feet tall and total square feet.

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