NEW YORK (September 25, 2014) – Holland & Knight partner Kathleen Furey represented Citi Community Capital in the recent renovation of an affordable housing complex on Staten Island purchased and developed by The Arker Companies, a premier affordable housing developer in New York. This was the first affordable housing private placement transaction closed in New York and financed through the New York State Homes and Community Renewal, featuring $27 million in tax-exempt bonds, which were purchased by firm client, Citi Community Capital (a line of business for Citibank, N.A.).
The development, known as Terrace Gardens, consists of two adjacent multi-family buildings containing 198 low-income rental units. Originally constructed in the 1970s, Terrace Gardens fell into disrepair and required substantial renovation. The project’s total development cost was $46 million, comprised of the bonds and $29 million in low-income housing tax credits contributed by Wells Fargo Bank, N.A. The renovations included the remodeling of kitchens, bathrooms, common areas, roofs, electrical fixtures, insulation, landscaping and security systems.
“The buildings looked so much better and the tenants were very happy,” said Ms. Furey, who attended the ribbon cutting on Staten Island. “It was wonderful to see how our work really does have an impact on communities and individuals.”
A number of state and federal agencies and lenders also participated in the financing transaction, including the New York City Department of Housing Preservation and Development, which provided a real estate tax benefit that will extend the affordability of this complex for another 30 years.
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