$110.6 million in housing finance recorded on the Ponce de León 55 senior housing site in Santurce
Three mortgages totalling $110,573,908 were recorded on September 28, 2026, on the property at 55 Avenida Juan Ponce de Leon, Santurce, San Juan, according to RED Atlas property records. A developer plans a 222-apartment building for older adults there.
The Puerto Rico Housing Finance Authority holds the largest mortgage, for $80,573,908, and the Puerto Rico Department of Housing one for $10,000,000. The third, for $20,000,000, is a bearer mortgage that names no lender.
The same day, the registry took a lease to the developer, restrictive covenants naming the authority and the developer, financing statements naming the authority and the department, and a release.
The project
Permit filings call the project Ponce de Leon 55. Its 2022 environmental recommendation describes a building of about 268,489 sq ft with 222 apartments on 6 levels above Ponce de León Avenue, at the corner of Calle Mayol, over 2 semi-basement parking levels, on a 6,716 m2 lot.
A filing of August 4, 2026, lists 155 parking spaces and a gym, a community room, an outdoor plaza, gardens, a laundry and a management office. The construction permit was approved on October 9, 2025, as an amendment that corrects earthwork volumes without changing the footprint or the design.
El Vocero reported on October 2, 2026, that the authority puts the project at about $139.6 million. A column in the same paper on October 7 said it combines $80.6 million of CDBG-DR disaster-recovery funds, the amount of the authority's mortgage, with $44.6 million in LIHTC tax credits and other sources.
For scale, the median recorded mortgage in San Juan over the two years to October 2026 was $162,065.