Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

237 Landing – Bronx, NY

237 Landing Exterior
Image Source: Bowery Residents’ Committee

Wespath Investment Management, through its Positive Social Purpose Lending Program and in partnership with the Community Preservation Corporation, purchased a participation in a loan providing financing for 237 Landing, a 200-bed transitional shelter for homeless men in Bronx, NY. Services at the shelter include independent living training, food service, transportation, and counseling. Bowery Residents’ Committee, Inc., the operator of the shelter, also provides employment counseling and training to residents. The shelter is located on the first two floors of a seven-story building and is connected to Landing Road Residences which occupies the five upper floors and offers 135 permanent supportive rental housing to low-income individuals.

The shelter and rental housing are part of BRC Landing, the first project created under Mayor Bill de Blasio’s HomeStretch program, a multi-agency initiative focused on co-locating permanent supportive affordable housing and homeless shelters.

Transaction Summary:
 

Property Name: 237 Landing
Location: 237 Landing Road, Bronx, NY
Beds: 200
Loan Amount: $18,616,000

 

For more information about Community Preservation Corporation: www.communityp.com

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

©2019 Wespath Institutional Investments LLC, affiliated with The United Methodist Church. All Right Reserved.