LIHC, Rockport Mortgage Provide $65M for Manhattan Affordable Housing
The FHA Section 223(f) refinancing loan will maintain the affordability of Renwick Garden Apartments in Kips Bay
NEW YORK, NY—LIHC Investment Group and Rockport Mortgage Corporation have closed a $65 million FHA Section 223(f) refinancing loan for Renwick Garden Apartments, a 224-unit subsidized Section 8 property in the Kips Bay neighborhood in Manhattan. The development comprises a single 15-story building located at 332 East 29th Street and is owned by LIHC, a real estate investment group committed to the preservation of affordable housing.
Renwick Gardens benefits from a Project-Based Section 8 Contract. As part of the loan refinancing, LIHC and HUD agreed to enter into a new 20-year Mark-up-to-Market Section 8 Contract extending the affordability of the property for another 29 years, through 2049. The funding will also be used to facilitate repairs at the property to enhance and improve residents’ quality of life, including renovated bathrooms for all units and upgrades to common areas throughout the building.
So far this year, Rockport has provided financing for several other LIHC-owned properties, including a $42.5 million FHA 223(f) multifamily loan for Malcolm Towers in Fort Lee, NJ; a $24 million FHA 223(f) multifamily loan for Verona Senior Citizens Apartments in Verona, NJ; and a $27 million FHA 223(f) multifamily loan for Mansion Apartments in Pine Hill, NJ.