PACT Bronx Revitalization Collective
Address: Multiple locations in the Bronx, New York
Units: 951 Units, 6 Buildings
Development Partners: Beacon Communities, Mid-Bronx Desperadoes
Closing Date: September 2024
Total Development Cost: $419.6M
Kalel Companies, together with lead developer Beacon Communities and nonprofit partner Mid-Bronx Desperadoes, are leading the acquisition and substantial rehabilitation of 951 residential units situated across 6 buildings in the Baychester/Eastchester sections of the Bronx, NY. Improvements are scheduled to be completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, mechanical and replacements, exterior façade repairs, new common areas, elevator replacements, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units
Financing sources include a permanent loan from Freddie Mac, a subordinate loan from HPD and Historic Tax Credit equity.
