"NAI meet our three goals," says AFL-CIO president John J. Sweeney. "To invest pension funds in solid projects; to create badly needed housing in urban areas and to create union jobs. This will help take the edge off of the bad employment situation."
NAI's first investment is a commitment to provide $34.9 million in funding for the development of The Estates at Kew Gardens Hills, a $105 million mixed-income multifamily project in Queens. This equity joint venture with The Dermot Company will develop a 12-story, 521,500 sf structure containing a parking garage, 10,000 sf of community space, and 388 units of housing. Of these units, 78 units will be set-aside for low-income families. Work on Kew Gardens is expected to be completed in May 2005.
"Without this funding, this complex would not have had an affordable housing component," says Carlton Arrendell, chief investment officer for the AFL-CIO Investment Trust Corp.
The NAI will focus on capital investment and apartment development projects in New York City, Chicago, Philadelphia and other cities nationwide. Some 11 transactions are in the underwriting process in New York City.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
