CB-Emmanuel (CBE) real estate and Calvary Baptist Church of Jamaica have completed construction financing for an affordable senior housing project in Queens, the development partners announced this week.
CBE is leading the Jamaica, Queens development, which will include 100 senior housing units, along with Calvary and Richman Housing Resources, a low-income tax credit equity syndicator. The initiative is a partnership with New York State Homes and Community Renewal (HCR) agency and the New York Department of Housing Preservation and Development (HPD).
The property at 160-60 Claude Avenue was acquired in December 2020 for $ 11.1 million and will include studios and one-bedroom units for low-income seniors, with 20 apartments reserved for the formerly homeless. Construction is expected to be completed in 2022.
In addition to a The project is funded by low-income residential property tax credits, which are funded by HCR with $ 17.1 million tax-free bonds. JPMorgan Chase A letter of credit for US $ 17.2 million was also provided Capital injection from the Housing Trust Fund Corporation through the Governor’s Office for Storm Recovery.
“Calvary Baptist Church Senior Housing is a great example of the power low-income housing tax credits can bring to community development in New York City,” he said Moshe McKie-Krisberg, President of Richman Housing Resources. “Richman Housing Resources LLC would like to congratulate CBE Emmanuel and the Calvary Baptist Church of Jamaica on renovating this wonderful project to improve housing for tenants and to financially reposition the project so that it can continue to operate successfully in the future.”
The scope of the construction work includes the modernization of 100 apartments on site, the installation of new roofs and solar systems as well as the modernization of the electricity. In addition, repairs to the outer facade are planned.
The project was designed by SMA Architecture Planning Interiors and Tri-Sec construction was tapped as a general contractor.