Community Preservation Corporation & Xenolith Partners – Affordable and Transition Housing Development – Brooklyn

Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, and the construction financing to develop “The Rise” located at 1366 East New York Avenue, Brooklyn, New York. Under the Vital Brooklyn Initiative, “The Rise” will consist of 72 supportive and affordable housing units; approximately 7,000 square feet of community facility space; 3,000 square feet of administrative space for One Brooklyn Health System (OBHS); 5 parking spaces; and a 10,000+ square foot rooftop green space. Supportive services for building residents will be provided by Women's Prison Association and Home (WPA) and the Osborne Association, who will also offer services to eligible members of the community, including case management, job-readiness training and job placement, legal assistance and support groups for re-entry transition and the development of social and wellness skills.

Centennial Bank – $65 Million Brooklyn Construciton Loan

Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.

Preferred Bank – $15 Million Refinance – Bronx, NY

Represented Preferred Bank in a $15 million refinance of a loan to an entity controlled by Namdar Realty Group, H Holding Group and Klosed Properties in the Mott Haven area of the Bronx, NY.

River View Towers – Mitchell-Lama Affordable Housing Refinancing

Represented River View Towers, a 385-unit, 24-story, affordable housing Mitchell-Lama cooperative built in 1964 located in Manhattan’s Hamilton Heights neighborhood for the $33.3 million total financing package comprised of a $12.3 million private loan from CBRE Multifamily Capital Markets, a $20.4 million subordinate Subsidy Loan from the New York State Housing Finance Agency (“HFA”), and a $577K grant from New York State Energy Research and Development Authority (“NYSERDA”). After prepaying existing debt, approximately $26.5 million will be used for property capital improvements including Local Law 11 façade work, new windows and roof, mechanical upgrades and replacements, and numerous other projects. This deal is important not only because it is preserving 300+ units of affordable housing for the long-term, but it is only the fourth refinancing under HFA’s Subsidy Loan Program.