RDF, in participation with Citibank and the New York City Housing & Preservation Division, has loaned Nos Quedamos, Inc. and its development partners over $18.4 million dollars for construction financing for the Melrose Commons/Third Avenue Condominiums. 

The project will be a nine story 81,000 square foot mixed use, mixed income condominium building with ground floor retail space located at the intersection of 3rd avenue and 156th street in the Melrose neighborhood of the South Bronx. The development is part of a comprehensive master plan for the revitalization known as the Melrose Commons Urban Renewal Project. The project will target low, moderate, middle and market rate income families and provide much needed affordable housing for the area.  The Bronx borough of New York has the lowest rate of homeownership among the five area boroughs comprising New York City.  The area has only 22.5% homeownership (compared to 33% overall), with the immediate area of Melrose at only 5.6% and lags the remainder of the city in terms of condominium development. 

The RDF, Citibank and New York City loans include both senior and subordinate debt.  The subordinate debt funded by RDF of approximately $2.5 million was provided as an enhancement to the senior debt provided by Citibank in order to facilitate and ensure maximum affordability for the project and the purchasing families.

Nos Quedamos, Inc. has been, and continues to be, the drivingforce for planning, design and development within the Melrose Commons Urban RenewalArea. NQI has been a prime mover in the redevelopment of the area and has broughtthe Development Partners together for the subject project, among many others.  NQI’sredevelopment philosophy views the urban renewal process as not only encompassingphysical regeneration but also addressing socio-economic and environmental conditionsin the area, with the goal of developing an economically productive, sustainablecommunity and a healthy, livable environment.