REHAB OF PHOENIX ESTATES BEGINS

NEW YORK CITY — Construction has commenced for the rehabilitation of four affordable housing properties located in the Hunts Point neighborhood of the South Bronx, New York City. Phoenix Estates, formerly known as Hunt’s Point I, comprises 717-719, 739 and 741 Coster St.; and 671 Manida St. The properties total 125 units, split between 19-one bedroom units, 64 two-bedrooms, 32 three-bedrooms and 10 four-bedrooms. Rents range from $725 to $1,330. Renovations, which will be completed without displacing residents, will include new kitchens, new apartment entries and interior doors, new paint, floor repairs, new plumbing fixtures, new window sills and electrical systems upgrades. Improvements to the building will include a cleaning of the exterior brick masonry walls, the repair and finishing of the courtyard rear and side yard wall, the replacement of the building entrance systems, the installation of exterior lighting and a security system, and the replacement of building roofs. The buildings were acquired out of foreclosure by Phoenix Estates LLC, a joint venture between New York ACORN Housing Co. and We Stay/Nos Quedamos, Inc. The Community Preservation Corp., in partnership with the New York City Department of Housing Preservation and Development, is providing a $13.3 million construction loan for the project. Enterprise Community Investment Partners syndicated the tax credits that provided the necessary equity for the project. The New York City Acquisition Loan Fund provided bridge financing.