Multiple parcel development of a new construction 80/20 mixed-income residential and retail tower in Downtown Brooklyn.
$73,000,000 owner’s title insurance with non-imputation coverage.
$20,500,000 acquisition financing and $29,500,000 construction financing with a HUD interest in affordability.
Conversion of construction loans to permanent $95,000,000 financing completed in December 2019.
Forest City National FAH Portfolio
Acquisition and financing of forty-seven affordable senior housing and community facilities across CA, CT, DC, KY, MI, NJ, NY, OH, PA & WV.
Total portfolio value more than $300 million.
Mix of fee interest and partnership asset transfers with HUD or state agency-insured financing, bridge loans and/or tax credit equity.
The Metropolis, New York, NY
New York State bond financing of an 80/20 residential tower in Midtown.
$98,000,000 lender’s coverage.
Grace West Apartments, Newark, NJ
LIHTC acquisition and bond financing from New Jersey Housing and Mortgage Finance Agency, with an FHA/HUD co-first lien, of a long-term Section 8, 100% affordable housing complex in Newark’s central business district.
$92,000,000 owner’s insurance with non-imputation coverage.
Lender’s coverages in the amounts of $45,000,000 and $63,000,000.
Edgewood Apartments, Atlanta, GA
Section 8 housing development acquisition and planned rehabilitation with bond financing from Urban Residential Finance Authority of the City of Atlanta and low-income tax credits provided by Georgia Housing and Finance Authority.
Owner’s policy in the amount of $51,000,000 with non-imputation coverage for the tax credit investor.
$23,000,000 lender’s insurance.
Shore Hill Apartments, Brooklyn, NY
Acquisition of the beneficial interest in a Mitchell-Lama senior facility in Bay Ridge with Freddie Mac refinancing and an NYS HFA interest in affordability.
$149,000,000 owner’s insurance and $102,000,000 lender’s insurance issued in November 2018.
Caesura, Brooklyn, NY
Conversion of construction loans to $32,000,000 permanent financing of 40% affordable residential housing units, and commercial and community space in a newly created condominium regime in the Downtown Brooklyn Cultural District.
Subordinate regulatory enforcement financing provided by NYC HPD.
Sendero Verde, New York, NY
Multiphase development of an entire vacant city block in Harlem with land acquired from the City of New York and bond financing from its Housing Development Corporation.
Development will include two mixed-income apartment buildings, community space with parks, cultural and educational facilities.
Phase I closed in June 2019 and included owner’s and lender’s construction title insurance coverages of $209,000,000 and $175,000,000, respectively.
Phase II in similar amounts is anticipated to close in 2020-2021.
Norris Homes, Philadelphia, PA
Ground-up redevelopment with financing from HUD FHA and Philadelphia Housing and Redevelopment Authorities.
$95,000,000 combined owner’s and construction loan policies to be issued with non-imputation for the LIHTC equity investor.
Goodwill Housing, Queens, NY
Transfer of shares in existing low-income housing company owned by Goodwill Industries.
Owner's insurance up to $35,000,000 with non-imputation coverage.
$28,500,000 lender’s insurance for the benefit of New York City Housing Development Corporation.
Tower West, New York, NY
$94,000,000 acquisition of existing low-income housing in a condominium structure.
HUD lender’s insurance in the amount of $74,500,000.
Riverside Towers, MA
$83,500,000 acquisition of existing affordable housing tower located in Medford, MA.
Assume existing mortgage financing by Massachusetts Housing Finance Agency.
Tapestry, New York, NY
Subordinate $5,500,000 financing of fee and leasehold multifamily property in East Harlem, NY.
Ocean View Towers, Long Branch, NJ
$19,500,000 bridge loan covering an affordable housing development in Monmouth County.
Conversion to $25,000,000 permanent financing in June 2020.
135th Street Apartments, New York, NY
$11,285,000 subordinate construction financing for affordable development sponsored by NYC Partnership Housing Development Fund Company.
Modification of HUD Green Retrofit Program loan.
Owner’s insurance with non-imputation coverage in the amount of $57,000,000 upon transfer of GP interest is anticipated in summer of 2020.
Melrose Quad, Bronx, NY
Four-site HDFC portfolio refinanced with New York City Housing Development Corporation, October 2020.
Twelve total lender’s policies with aggregate liability of $49,500,000.
Thessalonica Court, Bronx, NY
Acquisition of existing affordable housing in the Mott Haven section of the Bronx.
Owner’s coverage in the amount of $64,0000,000 with lender’s coverage in the amount of $53,500,000.
UPCOMING: Manhattan Valley Apartments, New York, NY
$53,000,000 refinance of HDFC property in Manhattan Valley.
Two non-adjacent sites to be collateralized under a single mortgage.
UPCOMING: Land Trust Acquisitions
Several projects underway for lands to be acquired by land trust and preservation organizations in the Hudson Valley and Upstate New York.
Subject property includes large tracts in Putnam County, portions of abandoned railroad lines in Ulster and Greene Counties, and lands adjacent to the Green Lakes State Park in Onondaga County.
Expanded search parameters to determine any possible reversionary rights or other matters exceeding customary timeframes established for insurance purposes.