NEW YORK CITY —Long Island, New York City-based The Arker Companies has finalized the financing package for Hewitt House Apartments, an 83-unit affordable housing project located at 886 Westchester Ave. in the Longwood neighborhood of the Bronx, New York City. In addition to the residential units, the 75,300-square-foot development will contain approximately 11,500 square feet of ground-floor retail space. The residential units will be reserved for households earning up to 60 percent of the city’s annual median income, with 17 units set aside for formerly homeless families and individuals. Construction will begin this month, with completion scheduled for fall 2010. The financing package comprises $11 million in tax-exempt bonds and $4.56 million in subordinate financing provided by the New York City Housing Development Corp. Wachovia Securities is providing $7.4 million in tax credit equity, and Bank of America is providing a construction letter of credit totaling $11.1 million, as well as a $2.16 million loan to finance the retail portion of the project. Lastly, Freddie Mac, through MMA Financial, is providing credit enhancement for a $4.1 million permanent mortgage. The project is expected to cost $24.4 million.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties