Another big affordable housing tower is officially on the way for the Bronx, with developers closing financing this week on a project that aims to blend low-rent apartments, on-site support services and green design along the Castle Hill and Soundview border.
Gilbane Development, Strada Development and the Center for Urban Community Services said they reached financial close on Monday, June 22, 2026, for the first phase of a new affordable-supportive housing tower. That opening phase is set to bring 228 affordable apartments, a large share of permanent supportive housing, resident amenities and an on-site services office. The team says remediation and permitting are expected to wrap before construction crews move in to break ground.
Financial close and partners
According to CityBiz, the development group closed financing for the first phase at just over $170 million. That report notes the building will include 137 permanent supportive housing units, along with community space for residents and services.
Courtney Horwitz said in a statement that securing the financing was a grind, adding that "securing financing was one of the hardest parts and reaching closing means hundreds of families are on their way to stable housing."
What official filings show
Project filings for 1920 Turnbull describe a roughly 21-story building with 228 residential units and about 4,691 square feet of community facility space, according to NYC HDC.
The same materials outline expected NYC HDC construction and permanent financing commitments and peg the anticipated total development cost at roughly $185.4 million. Boston Financial is listed as syndicator and Capital One appears as an investor in the capital stack.
Design and resident amenities
Magnusson Architecture & Planning is listed as architect for the tower. Project materials describe an all-electric building that targets Passive House performance, with green roofs and prefabricated facade panels to boost efficiency.
The project profile highlights indoor amenities such as a fitness room, community room, laundry, bike storage and landscaped terraces. It also notes that social-services space will be integrated on site, according to the project listing by the New York Housing Conference.
Brownfield site and on-site services
The development site is enrolled in New York State’s Brownfield Cleanup Program, which adds an extra layer of environmental review before construction. Department of Environmental Conservation records describe remediation access agreements and volunteer or remedial party designations for the lot.
Those documents show GDC Strada Castle Hill entities and CUCS-related companies in the ownership structure and note that Castle Hill Owner II LLC was to be added as a remedial party at financial closing in June 2026, as detailed in New York State Department of Environmental Conservation records.
Next steps and second phase
The developers say they expect to break ground soon after the June closing and to deliver the first phase by March 2029. A planned second phase would add about 207 more affordable apartments, with financing for that piece expected to close within the next year, subject to city approvals, per CityBiz.
Why it matters
Backers of the project say pairing deeply affordable rents with on-site supports can help stabilize households, ease pressure on emergency systems and create local construction and operations jobs. The NYC HDC record indicates substantial bond and loan support and again lists Boston Financial and Capital One in the financing mix, which developers say will help sustain the model, as shown in NYC HDC materials.
Neighbors and local officials are likely to watch remediation, permitting and programming closely as the project shifts from the finance phase to active construction. We will update this story as community notices and additional official filings appear.
