Kalel Companies, together with non-profit owner Morrisania Revitalization Corporation, is leading the acquisition and substantial rehabilitation of 312 residential units situated across 6 buildings in the Morrisania section of the Bronx, NY. Improvements are scheduled to be completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units.

Financing sources are expected to include a permanent loan, capital subsidy from HPD as well as LIHTC equity.