Bronx, East Harlem and Long Island Affordable Housing Receives $35 Million

Architectural rendering of Bronxview at Serviam

NEW YORK CITY—Housing properties in the Bronx, East Harlem and Riverhead, a town in Suffolk County on Long Island, received loans to preserve their affordability. Each of the communities have affordable housing but are also noticeably attracting attention for value-add investments which can result in conversions to market-rate apartments. Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed on over $34.8 million in loans for three projects.

“Affordability remains a critical issue nationwide, and high-cost areas like New York City and its surrounding suburbs are struggling to keep costs down,” says Ned Huffman, president of Bellwether Enterprise. “Bellwether Enterprise is proud to play a role in keeping high quality affordable homes available to those who need them.”