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Soundview multifamily project receives third-biggest Bronx loan of 2018

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Azimuth Development Group has landed about $107 million in financing from the city for a multifamily development in the Bronx, in what appears to be the third-largest loan the borough has seen so far this year.

The developer is using the money from the New York City Housing Development Corporation to build a 326-unit apartment complex at the site of the Bronx Pentecostal Deliverance Center in Soundview, according to Commercial Observer. The church rezoned its lot at 1755 Watson Avenue last year to make way for the building, which will stand nine stories tall and span 313,000 square feet.