Waltemade Residence

Mount Vernon, NY
  • Rockabill’s Role: Development Partner
  • Partners: Wartburg Mount Vernon, Inc
  • Agencies: New York State Homes and Community Renewal (HCR)
  • Additional Funding: Westchester County Housing Flex Funds, City of Mount Vernon HOME Funds
  • Team: CitiBank, CREA, HSE, McLaren Engineering Group, Aufgang Architects

Waltemade Residence is an adaptive reuse of a skilled nursing facility to create 102 one- and two-bedroom affordable senior housing units, with 30 units reserved for seniors in need of on-site supportive services. The conversion of the facility is a recognition of the need to provide more appropriate and affordable housing options to allow seniors in the community to age in place.

Rockabill partnered with Wartburg Mount Vernon, Inc., a local non-profit senior care organization that operates the broader 34-acre campus upon which Waltemade Residence is located. The partnership provided an opportunity for Wartburg to offer more residential options for seniors to benefit from the array of senior programs offered on campus.

Financing included ESSHI operating subsidy for the 30 units of supportive housing, as well as the following capital funding sources: $29.6 million in tax credit equity syndicated through CREA LLC, $14.8 million in capital subsidy from NYS HCR SENR and SHOP programs, a $10.5 million loan from CitiBank, $8.2 million in Housing Flex Funds from Westchester County, and $600k in HOME funding from the City of Mount Vernon.