More affordable senior housing is coming to the Bronx.

New York City Mayor Zohran Mamdani announced Wednesday morning the financial closing for Sol on Park, a $214 million, 228-unit affordable senior housing development project coming to the Morris Houses campus in the Bronx’s Claremont Village neighborhood.

To be built at 3728 Park Avenue, Sol on Park is being developed through a partnership between the New York City Housing Authority (NYCHA), the Department of Housing Preservation and Development (HPD) and the Housing Development Corporation (HDC).

The project secured construction and permanent financing from HDC and Goldman Sachs, as well as a construction bridge loan from HDC and subordinate financing from HDC’s Extremely Low and Low-Income Affordability program and HPD’s Senior Affordable Rental Apartments program, according to a source close to the project.

Once completed, Sol on Park will include 80 apartments reserved for current NYCHA residents living at the Morris Houses campus, 69 homes for formerly homeless seniors, and 79 units that will be made available through the Housing Connect lottery for low- and middle-income seniors. The project also includes a community space and a new pedestrian plaza. 

“New Yorkers need housing relief, and we’re using every tool at our disposal to deliver it,” Mamdani said in a statement. “This project shows what is possible when city agencies work together to put public land and public investment to work for the people of this city. We are building affordable homes, creating opportunities for NYCHA residents and proving that the government can act with the urgency this housing crisis demands.” 

The project is also set to include on-site services from local health centers, as well as bike storage, laundry facilities, exercise rooms and computer labs, according to the announcement. The city expects residents to begin moving into Sol on Park in early 2029.

“As we strive to ensure safe, affordable housing for all New Yorkers, we must also make sure that our most vulnerable residents are cared for,” Dina Levy, HPD commissioner, said in a statement. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.