Kingsbridge Heights Apartments

Organization Name: B&B Urban, L&M Development Partners and CUCS

Project Title: Kingsbridge Heights Apartments

Project Location: Kingsbridge Heights, Bronx

Project Description:
Kingsbridge Heights Apartments is a 13 story, 150,000 SF building with 136 apartments (32 studio, 35 1br, 44 2br and 24 3br + 1 super’s unit), 1,200 SF of ground floor commercial space and 17 off-street parking spaces. The development includes housing for formerly homeless families (40 units), low income households earning under 60% of AMI (70 units), and moderate income households earning under 85% of AMI (25 units). Amenities at Kingsbridge Heights Apartments include a community room with kitchenette, computer lab and library, exercise room, laundry room and landscaped outdoor space with children’s playground. The building has a 57 kW rooftop PV solar array, energy-efficient appliances, low-flow water fixtures, LED lighting and other green features. The building meets NYSERDA and Enterprise Green Communities program standards. Financing for Kingsbridge Heights Apartments includes tax-exempt bonds issued by NYS HFA, Federal and State Low Income Housing Tax Credits, Federal Solar Tax Credits, and subsidy financing from NYS HCR (SHOP Program) and NYC HPD (ELLA Program). Citibank provided credit enhancement for the bond financing and Raymond James is the tax credit syndicator.

Community Impact:
Kingsbridge Heights Apartments is proud to be located in Bronx Community Board 7. The development team worked with the local community, seeking to address the needs of CB 7 while still providing 136 units of safe, energy efficient and affordable housing for city residents.

Replacing a derelict night club and car wash, Kingsbridge Heights Apartments has dramatically improved the streetscape. The ground floor features a retail space that will soon contain a healthy deli, and the residential entrance features 24/7/365 security for the benefit of building residents and the community.

A CUCS staff of 13, jointly funded by NYC and NYS, provides high-quality supportive services to the building’s formerly homeless families. Services provided by CUCS include comprehensive case management, substance abuse services, medication management and referrals to various community-based services.

By integrating formerly homeless families with children in a building with individuals and families earning 60-85% AMI, Kingsbridge Heights Apartments aims to make a positive impact on its residents, the local community and the city of New York.

Organization Description:
The Kingsbridge Heights Apartments development team is a partnership between B&B Urban, L&M Development Partners and Center for Urban Community Services (CUCS). B&B Urban is a residential developer committed to employing its capital, experience and energies in addressing the most pressing problems of America’s cities. L+M is a double bottom line company that is an innovator in the affordable, mixed-income and market-rate housing market. CUCS is an established, highly respected NYC provider of services to populations with special needs.