Sol on Park, a new senior housing tower planned for the Morris Houses campus in the Bronx, has locked in roughly $214 million in financing, clearing the way for construction of an all-affordable high-rise at 3728 Park Avenue. The 18-story building is set to deliver about 228 apartments for older New Yorkers, with a mix of units reserved for current NYCHA residents, formerly homeless seniors and homes available through the Housing Connect lottery. Construction is scheduled to begin now that the financing has closed, and the city expects residents to start moving in in early 2029.
On Wednesday, Mayor Zohran Mamdani called the deal the city's largest use yet of its Transfer of Assistance tool, saying, "We are building affordable homes, creating opportunities for NYCHA residents and proving that government can act with the urgency this housing crisis demands," according to the NYC Mayor's Office. City officials and NYCHA say the project will create more than 200 permanently affordable senior homes, along with a new community facility and a pedestrian plaza. They are framing Sol on Park as a test case for pairing public land with creative financing tools to expand permanent affordability.
As reported by Commercial Observer, the financing package combines construction and permanent loans from the Housing Development Corporation with investment from Goldman Sachs, along with a construction bridge loan and subordinate subsidies from HDC and HPD programs. According to that coverage, the building will reserve 80 apartments for Morris Houses residents, 69 for formerly homeless seniors and 79 units to be offered through Housing Connect. Those sources describe a capital stack that mixes public subsidy, HDC lending and private investment to reach the roughly $214 million total.
Official HDC documents filed with the city list the development as a single 18-story building containing 228 rental units plus one superintendent unit, for 229 apartments in total, and show HDC's expected construction financing of about $103.5 million and permanent commitments of roughly $55.5 million. The HDC memo breaks down unit sizes and the project's affordability targets and provides one of the clearest tallies of the project's scope and capital plan to date, according to NYC HDC. Those figures line up closely with the city's public announcement and trade reporting.
Design, services and sustainability
Sol on Park is being planned as a health-centered, high-performance building with on-site services for older residents. City documents and the project's architects describe plans that aim for LEED Platinum and Passive House strategies, two floors of community space, rooftop terraces, an on-site health center and partnerships with Union Community Health Center and Green Bronx Machine to provide wellness programming, according to Magnusson Architecture & Planning. Amenities are also expected to include bike storage, laundry facilities, exercise rooms and computer labs geared toward seniors, according to the NYC Mayor's Office.
Developers, lenders and timeline
The NRP Group is leading development alongside Selfhelp Realty Group and Foxy Management, with the developers and the city saying construction will move forward now that the financing has closed, according to The NRP Group. City and developer statements set the target for initial move-ins in early 2029, with an 18-month to three-year construction timetable implied by the project's scale and permitting status. Lenders and subsidy programs named in NYC HDC filings point to a mix of HDC loans, federal FHA risk-share mechanisms and HPD subsidy sources behind the roughly $214 million stack.
Beyond the numbers, Sol on Park represents a push to reuse underused NYCHA land to provide service-enriched homes for older New Yorkers and to test new financing tools the city hopes to scale under its Block by Block plan. For Bronx seniors and Morris Houses residents, the project promises both new units and on-site supports, a combination the city argues will reduce displacement risk and connect seniors to care in their own neighborhood.
