Financing Secured For Melrose Concourse Affordable Developments in Claremont and Morrisania, The Bronx

 

Walker & Dunlop has arranged $19.1 million in combined equity and debt financing for Melrose Concourse, a collection of three new affordable housing developments in The Bronx at 404 Claremont Parkway in Claremont, and 1169 Washington Avenue and 12 Gouverneur Place in Morrisania. Designed by ESKW Architects and developed through a joint venture between Settlement Housing Fund and the Beechwood Organization, the properties will yield a combined 72 affordable housing units. 

All units within Melrose Concourse will serve households earning between 30 and 70 percent of the area median income (AMI), with 60 units financed under the Low-Income Housing Tax Credit program. The buildings are designed to accommodate both general and senior populations, with 23 units reserved for residents aged 62 and older, including some units designated for formerly homeless individuals.

The building at 404 Claremont Parkway will stand four stories and yield eight units in one- and two-bedroom layouts, as well as a roof terrace. The nine-story building at 1169 Washington Avenue will contain 34 units, a ground-floor community room, and private terraces on the upper levels. The ten-story 12 Gouverneur Place will feature 30 units, communal spaces, and a landscaped rear yard.

All three buildings within Melrose Concourse are designed to exceed 2020 Enterprise Green Community standards and will operate using all-electric systems.

Transit nearby the development includes the 2 and 5 trains at the Intervale Avenue and Prospect Avenue stations, as well as the B and D trains at the 170th Street station.