March 5, 2019
Goldstein Hall Represents Volmar Construction Inc. in New Bronx Affordable Housing Project

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).