Project Type
RAD Conversion of Public Housing
Project Name / Location
Hope & Bushwick Gardens, Brooklyn, NY
Client
Pennrose Development
Project Description
Renovation of 1,321 public housing apartment units through HUD’s Rental Assistance Demonstration (RAD) program.
COmmunity ImpacT:
Secured financing for more than $200 million in capital repairs and energy efficiency upgrades at a 60-building campus owned by the New York City Housing Authority (NYCHA) located in the Bushwick neighborhood of Brooklyn, NY.
Furthered NYCHA’s commitment to permanent affordability and long-term funding for maintenance and capital repairs.
Our Accomplishments:
Assisted client with putting together a winning response to a RFP issued by the New York City Housing Authority (NYCHA) as part of their Permanent Affordability Commitment Together (PACT) Program. The PACT program addresses buildings at risk of obsolescence or underfunding by converting to project-based vouchers or rental assistance contracts through HUD’s Rental Assistance Demonstration (RAD) program.
Lead the financial restructuring of the project in coordination with the Client to close on $190 million mortgage loan made from tax-exempt, recycled and taxable bond proceeds and approximately $88 million in equity generated from the sale of 4% low income housing tax credits.
Introduced creative financing solutions that minimized agency resources while maximizing scope improvements for residents of the Hope & Bushwick Gardens campus.