Construction Start

June 2013

Occupancy Date

December 2014

Number of Units

18 Buildings, 293 Apartments
Studios, 1, 2, and 3 Bedrooms
6 Retail Stores
2 Community Facilities

Building Size

331,800 Square Feet Total
4-5 Floors

Development Cost

$50.6 Million

Capital Financing

NYC Housing Development Corporation

NYC HPD Loans and Tax Credits

JPMorgan Chase Bank

Red Stone Equity Partners

Nonprofit Partner

Beulah HDFC, Inc.

Social Service Provider

CAMBA, Inc.

Architect

OCV Architects

Contractor

MDG Design + Construction, LLC

Marking Dunn Development Corp.’s first year 15 acquisition, resyndication and mod-rehabilitation project, this $50.6 million transaction provided renovations and system upgrades to a struggling and deteriorated portfolio that had not seen significant capital investment since its original gut renovation twenty years ago, while preserving affordability for current and future residents. Using financing from a mix of tax-exempt bonds, low-interest loans, and equity investment from the new syndication of tax credits, the developer provided new roofs, windows, and energy-efficient heating systems, upgraded apartment kitchens and bathrooms, installed security cameras and completed façade repairs and other building improvements. A number of the units in the portfolio are designated for formerly homeless families, with CAMBA, Inc. providing social services from an on-site office.
view bigger view bigger view bigger view bigger view bigger

Building Facade

Kitchen After Renovation

Kitchen Before Renovation

Bath After Renovation

Bath Before Renovation