PROJECTS UNDER CONSTRUCTION

When did we acquire? March of 2021.

This is a joint venture with Exact Capital Real Estate Developers

When is construction to begin? We break ground in 2022.

When will project be completed? Expected completion, 2024.

Project description? This is a seven-story mixed-use building in the Westchester Square neighborhood of North East Bronx. The 173,111-square-foot building will include 182 affordable residential rental units along with a NYC District 75 School for Special Needs Students as well as a 225 parking spaces/garage.

Appraisal value before renovation: $10,000,000 Land Acquisition

Funding Sources and amounts: $51,000,000 LIHTC, $55,000,000 HPD AND HDC, $14,000,000 Partners Equity

Estimated value after construction: $135,000,000.

Number of Units: 182

When did we acquire? August of 2020

When is construction to begin? August of 2020.

When will project be completed? Completed in May of 2021.

Project description? This is a market rate rental apartment complex consisting of 10 Buildings with 8 units per building. This is a joint venture with Bolden Capital Group real estate developers.

Appraisal value before renovation: $3,800,000, $1,000,000 in additional renovation

Funding Sources and amounts: $4,800,000 first mortgage loan along with Capex financing AND $1,050,000 MM Partner’s Equity

Estimated value after construction: $11,000,000.

Number of Units: 80 Units

When did we acquire? Purchased November of 2018. 

When is construction to begin? Construction loan in process as well as the LIHTC bond offering. Projected closing summer of 2021. Renovation will begin shortly after closing.

When will project be completed? Projected completion within 18 months from the start of the renovation.

Project description? A full renovation of an 80-unit Low-Income Housing Tax Credit property, delivering 75-units of affordable rental apartments. The project consists of two buildings, 5-stories each. One building will have 35 and the other 40 units. The entire project is covered by an updated project-based Section 8 HAP Contract for a period of 15 years. This project is a Joint Venture with Exact Capital Real Estate Developers

Appraisal value before renovation: $3,800,000

Funding Sources and amounts: $10,000,000 first mortgage, $5,000,000 LIHTC and $3,000,000 partner’s equity

Estimated value after construction: $19,000,000.

Number of Units: 75

When did we acquire? August of 2020

When is construction to begin? August of 2020

When will project be completed? December of 2020

Project description? This project is a 15-unit rental complex. The entire project has been renovated and is currently 100% leased.

Appraisal value before renovation: $925,000

Appraisal value before renovation: $1,350,000

Funding Sources and amounts: $950,000 first mortgage 

Estimated value after construction: $200,000.

Number of Units: 15

When did we acquire? Early 2006

When is construction to begin? Middle of 2006

When will project be completed? Project was completed in May of 2007.

Project description? Full gut renovation of a 3-unit brownstone

Appraisal value before renovation: $1,600,000

Funding Sources and amounts: $1,200,000 first mortgage, $1,100,000 partners equity 

Estimated value after construction: $4,000,000.

Number of Units: 3

When did we acquire? September 2009

When is construction to begin? September of 2009

When will project be completed? Project was completed in May of 2010.

Project description? Full gut renovation of a 2-unit brownstone

Appraisal value before renovation: $450,000

Funding Sources and amounts: $200,000 first mortgage, $500,000 partners equity 

Estimated value after construction: $2,000,000.

Number of Units: 2