CDT provided a $5.2 million permanent mortgage to finance the final phase of this multi-phase redevelopment of the Mulford Gardens neighborhood in Yonkers, New York. This redevelopment benefited from extensive state and county financial support, as well as low income tax credit equity.
A 56-unit townhouse-style family community, Grant Park II was fully leased six-months ahead of schedule. CDT funds its perm loan in June 2016. With the completion of Grant Park II, this 264-unit overall community is truly a transformative redevelopment for Yonkers.
Grant Park II was developed by The Richman Group Development Corporation and Landex Corporation. In addition to CDT’s permanent mortgage, other financing partners included Bank of America and the Richman Group.