TD Bank, America’s Most Convenient Bank®, has closed on an $18.4 million construction loan for MHANY Management Inc. (MHANY) and We Stay/Nos Quedamos, Inc. (Nos Quedamos) to develop the second phase of Phoenix Estates, a new eight-story, mixed-use building in the Hunts Point neighborhood of the Bronx.
The 111,000 square foot building will eventually become affordable homes to 180 low-income seniors and very low and moderate income families. The building will include a common laundry area, a garden, bicycle storage and recreation space. The first floor will be a dedicated community facility, which will be used to host classes, including financial literacy programs, for residents of the building.
The newly constructed building will be located at 700 Manida Street at the northeast corner of Spofford Avenue. While the building will replace Bedrock Park, an underutilized park, several thousand feet of open space will be preserved and rebuilt for passive recreational resident use.
The housing development will also benefit from a $14 million investment from the City of New York.
“TD Bank is proud to collaborate with MHANY and Nos Quedamos on this very important development which will provide much needed affordable housing for the most vulnerable in our society,” said Gloribel Cruz, Vice President at TD Bank. “This development will be more than a building and public park – it will be a space where the community can continue to develop and thrive, and it will contribute to a larger initiative to revitalize this neighborhood and enhance its economic growth.”
MHANY Management Inc. is a non-profit community and housing organization committed to promoting, developing and managing affordable housing throughout New York City. MHANY also provides home buyer education to first time homebuyers and foreclosure counseling.
“TD Bank has been a financial supporter of MHANY for more than ten years, promoting our mission to increase affordable housing opportunities for low and moderate income seniors and families in New York,” said Ismene Speliotis, Executive Director of MHANY Management Inc. “This is more than building affordable housing units; for us this is about building community and creating and supporting a place that offers comprehensive services with culturally rich programming that will benefit local residents and nourish the community for generations to come.”
Formed by a coalition of Bronx residents and business owners, Nos Quedamos is a non-profit community development corporation that has been a leader in the engagement of community residents in the design and implementation of projects and strategies to support sustainable growth and development, both in terms of infrastructure, supportive services and advocating for low income families in the South Bronx for the past twenty-five years. The Nos Quedamos mission is to make sure the existing community is included and considered in plans for development rather than displaced as a result.
“Working with socially responsible financial institutions like TD Bank is key to being able to foster and create collaborative opportunities that bring community partners together for the enrichment of communities and meet the increasing need to develop and create affordable community living spaces,” said Jessica Clemente, President and CEO of Nos Quedamos. “We want to see the South Bronx continue to flourish and this housing development will create new affordable homes and recreational space for over one hundred seniors and local families.”
Construction has started and is expected to be completed by 2020.
This project also reinforces TD Bank’s recent launch of The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.