Casabe Houses for the Elderly
Manhattan (East Harlem)
Refinanced an underlying HUD mortgage and layered in tax-exempt bond financing and 4% as-of-right LIHTCs to complete an extensive renovation and cash infusion to the non-profit ownership.
YEAR COMPLETED:
2007
PARTNERS:
Casabe Houses, Rockabill
TOTAL DEVELOPMENT COST:
$17.5 MM
GROSS SQUARE FOOTAGE:
117,118 gsf
UNIT COUNT/MIX:
125 Supportive Senior Units
FINANCING PROGRAM:
HUD 202
ARCHITECT:
Raymond Plumey, Architect & Planner, PC
GENERAL CONTRACTOR:
Artec Construction
FINANCE TEAM:
NYC HDC, Boston Financial Investment Management
OPERATING SUBSIDIES:
HUD 202 rental subsidy