March 5, 2019
Goldstein Hall is proud to support our client, Volmar Construction Inc., in the closing of 683 Thwaites Place. 683 Thwaites Place is a new construction project that will bring 36 units to the Bronx neighborhood of Bronxdale, all of which will be affordable to tenants earning at or below 87% of Area Median Income (AMI). The project benefits from both a 421a agreement (which freezes its real estate taxes at the base year land value, allowing it to support the affordable rents) and a Department of Housing Preservation and Development (HPD) subsidy totaling $5.8 million of the overall loan. Funding sources include financing from the Community Preservation Corporation (CPC).