(To read more on the multifamily market and the debt and equity markets, click here.)
NEW YORK CITY-The redevelopment of Markham Gardens, an affordable housing complex in Staten Island, has locked in financing for the $60-million project. The Aker Cos., the Domain Cos. and Neighborhood Housing Services of Staten Island are heading the green project.
When complete, Markham Gardens will include 290 new affordable units, 240 of which will be apartments, and 25 two-family homes. Of the rental units, 150 will be for low-income tenants, while the other 90 units will be rentable for a family of four that makes between $30,082 and $85,080 per year. The 13-acre site was originally built during World War II to house defense workers. Every building on the property will be demolished to make way for the new buildings.
The project has received a total of $58 million in financing to date. The money will be used to fund the rental portion of the project. The New York City Housing Development Corp. granted the project $25 million in tax-exempt bonds, as GlobeSt.com previously reported. Additionally, the project received $16 million from the sale of 4% low-income housing tax credits from the New York City Development of Housing Preservation and Development, and $17 million from the sale of 421-a certificates. Mayor Michael Bloomberg recently signed into law a revision to the 421-a law creating stricter guidelines for projects that qualify for the tax abatements.
The project is also going to utilize green, energy-efficient techniques in the redevelopment process. It is expected to gain an additional $600,000 from the New York State Energy Research and Development Authority for the energy-efficient techniques.
"Working in partnership, the Domain Cos. and the Arker Cos. are playing a national leadership role creating energy-efficient, 'green' affordable housing. We want Markham Gardens to set a new 'green' standard for housing developers across the country," says Matt Schwartz a principal with the Domain Cos.
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.
