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JV Forms for $50M Affordable Housing Venture

NEW YORK CITY-Construction is under way on nearly 300 units of affordable housing here. A joint venture of the Arker Cos. and Westbury Realty will develop three parcels. Completion is expected within 19 months.

By Barbara Jarvie | Updated on September 18, 2005

(To read more on the multifamily market, click here.)

NEW YORK CITY-A joint venture of the Arker Cos. and Westbury Realty will spend approximately $50 million to develop nearly 300 units of affordable housing here. Debt financing just closed on the third parcel involved.

Longview Capital Advisors, which secures debt and equity financing for middle market developers, put the partners together. Westbury Realty, an owner and manager of parking and retail properties, had the parcels in the Bronx and the Inwood section of Manhattan in its portfolio. Longview had arranged first mortgage financing two years ago. Longview also had worked with Arker, which has created more than 3,600 housing units and nearly one million sf of commercial space. Longview had secured acquisition financing for the company on another project.

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