HDC Lends $10.56M Against La Central's Bronx Affordable Complex

The New York City Housing Development Corporation recorded a $10.56M mortgage against La Central Owner LLC on October 16, a filing that lands inside the capital stack behind one of the South Bronx’s largest affordable housing projects.

Why it matters

The agency’s mortgage against La Central Owner LLC was recorded with a document date of October 1, according to ACRIS. La Central is the five-building, roughly 1.1 million square foot affordable complex rising in Melrose in the South Bronx. The borrowing entity sits inside a larger capital stack: Hudson Companies and BRP Companies are the lead developers, with ELH-TKC, Breaking Ground and Comunilife as co-developers on the supportive-housing component. That team closed $343M in construction financing for the project’s final phase in 2025, built around HDC tax-exempt bonds, an HPD subsidy, low-income housing tax credits and other public funding layers. The new HDC mortgage reads as a piece of that same subsidy stack landing on the record a year after the headline closing, not a new project.

The numbers

The mortgage is $10.56M, recorded under CRFN 2026000294270. The borrower, La Central Owner LLC, is an entity tied to the project rather than a separate development. The final phase it sits within delivers two buildings, 13 and 26 stories, with 420 affordable apartments, including 63 set aside as supportive housing. HDC’s piece of that phase’s public financing runs alongside an HPD subsidy and tax credits; this mortgage is a fraction of the $343M total raised for construction. Site records do not break out a per-square-foot cost for a subsidy mortgage of this kind, since it is not a land or building sale.

What’s next

HDC mortgages of this size typically correspond to a specific funding tranche inside an affordable deal rather than a standalone loan decision, so the filing itself does not signal new risk or new construction at La Central. For developers and lenders working Bronx affordable deals, it is a reminder that HDC recording dates can trail a financing closing by months, and that the City Register, not a news release, is the record that confirms when a subsidy layer actually lands on title. Readers tracking the broader project can follow ongoing coverage at The American Developer’s New York desk.