Co-developers Ashland Capital Partners and Pembroke Residential Holdings have obtained $100 million in financing for the construction of new senior affordable housing in the Bronx's Soundview neighborhood, reports Commercial Observer.

The funding, which includes a $67-million letter of credit from Goldman Sachs Asset Management as well as tax credit equity and bonds issued by public sources, will go towards the construction of a new 154-unit project located at 1940 Turnbull Avenue. Plans call for a 14-story building reserved for seniors aged 62 and up, with 30 percent of the proposed units to be reserved for formerly homeless persons.

Selfhelp Community Services has been tapped to provide on-site services for residents.

The developers are tailoring the project to secure LEED Gold Certification through the inclusion of features such as low-flow water fixtures and a green roof.

Completion of the senior housing complex is expected in Fall 2024.

The project’s partners are seeking to obtain LEED Gold designation as part of their environmental, social and governance (ESG) commitment. Some of the planned sustainability features include low-flow water fixtures, a high-performance building envelope and a green roof.