NYSHFA and NYCHPD back $30.1 million project to preserve 100 units of affordable senior housing located at 160-60 Claude Avenue
CB-Emmanuel Realty, LLC along with development partners Calvary Baptist Church of Jamaica (Calvary) announce the construction closing of Calvary Baptist Church Senior Housing, a 100 percent affordable residential development in Queens that will preserve 100 units of senior housing within the Jamaica neighborhood.
The development team of CB-Emmanuel (CBE), Calvary Baptist Church, and Richman Housing Resources LLC (the Low Income Housing Tax Credit equity syndicator) in partnership with the New York State Homes and Community Renewal (HCR) and the New York City Department of Housing Preservation and Development (HPD), have recently begun construction on the project, which includes 100 units of deeply affordable housing – studios and one-bedroom units – for very low and low-income Seniors. Twenty (20) of the units will be set aside for formerly homeless individuals. Construction is expected to be completed in 2022. In addition to Low Income Housing Tax Credit equity, the project is being financed with 4% Tax Exempt Bonds issued by HCR as well as capital subsidy provided by the Housing Trust Fund Corporation acting by and through the Governor's Office of Storm Recovery (GOSR). Chase provided the Letter of Credit.
HCR Commissioner Ruth Anne Visnauskas said, “Throughout this pandemic, we’ve worked hard to keep Governor Cuomo’s promise to create and preserve affordable homes for those who are most in need. The Calvary Baptist Church Senior Housing complex in Jamaica has always been a nurturing community, but because of its age is in need of an overhaul. Thanks to our partner, CB Emmanuel, the more than 100 seniors who live here will get an improved standard of living and the assurance that their homes will stay affordable far into the future.”
“CBE is honored to have closed this deal and bring the late Deacon Kent Garrett's vision to reality.” said Chris Bramwell, Managing Partner of CB-Emmanuel Realty, LLC. “Having grown up in South Jamaica, it is particularly meaningful to me to be able to preserve affordable housing for the village that raised me and I look forward to seeing this rehabilitation serve as a catalyst to neighborhood improvement at large. We are excited to partner with the Calvary Baptist Church of Jamaica and thank Pastor Victor Hall and the CALBC Board as well as Governor Cuomo and NYS HFA for the support provided to this deal."”
“Calvary Baptist Church Senior Housing is a great example of the power that the Low-Income Housing Tax Credit can bring to community development in New York City.” said Moshe McKie-Krisberg, President of Richman Housing Resources LLC. “Richman Housing Resources LLC would like to congratulate CBE Emmanuel and Calvary Baptist Church of Jamaica (Calvary) for renovating this wonderful project to upgrade the apartments for the tenants, and financially repositioning the project to operate successfully in the future. We would also like to thank our financing partners at the New York State Homes and Community Renewal for providing the subsidy funds, and Low-Income Housing Tax Credits that made this project possible.”
“Calvary Baptist will have a positive impact in Jamaica by preserving affordable housing for seniors,” said Jane Silverman, Executive Director, Community Development Banking, Chase. “We’re pleased to have the opportunity to work with CB-Emmanuel, Calvary Baptist Church, and other key industry players in contributing towards the preservation of vibrant neighborhoods.”
As a part of the preservation plan, an extensive rehabilitation of the building will be executed. The scope of work includes: upgrading (100) apartments with new kitchen cabinets, plumbing fixtures and fittings, accessories, bathroom ceramic wall and floor tile, appliances, new windows and sills, new lighting fixtures, new flooring, and fresh painting throughout; windows replacement in all common areas; New roofing and solar energy array installation; Electrical upgrades; Modernization of the existing hydraulic elevator; upgrades to the entry lobby with vestibule addition; Site repairs to concrete walks, parking lot, other hardscape and landscape surfaces; Repairs exterior brick façade; replacement of certain mechanical equipment, including the common area HVAC units; and upgrades and renovations to all common areas.
The project was designed by SMA Architecture Planning Interiors PC and Tri-Sec Construction LLC has been engaged as General Contractor. The development process has been guided by local elected officials, residents, stakeholders, including, State Senator Leroy Comrie, Council Member Adrienne Adams, the Calvary board members and the late Deacon Kent Garrett, and more.
Nixon Peabody LLP represented CB-Emmanuel, JDF LLC represented Richman Housing LLC, Baker Greenspan & Bernstein, Esqs represented Calvary Baptist Church and the Seller, Phillips Lytle LLP represented Chase, and Holland & Knight represented GOSR on the transaction. National Standard Abstract provided Title services.
Posted in Commercial Real Estate