The Brighton Towers project focused on the preservation of a two HUD Section 236 buildings located in Onondaga County in Syracuse, New York. Comprised of twin 18 story high-rise apartment towers, the site has 599 units of affordable rental apartments consisting of studio and one-bedroom units for seniors 55 years and older. This substantial rehabilitation project included upgrades to all the units and amenities for the seniors include a community space, computer lab, library, grocery store, cafe, fitness center and wide range of activities for the residents. The property is owned by Brighton Towers and the builders are managed by Rochester Management, Inc., a nonprofit property management and development firm located in Rochester, NY. Rockabill was brought in as a consultant by Rochester Management Inc. to help with the restructuring of the ownership in order to pass along the maximum amount of tax credits to the investor, as well as structuring the tax credit equity and tax exempt bonds for the buildings. The project was completed in January of 2016.
Preserved 599 studio and single room apartments of affordable senior housing
Provided critical housing and services for at-risk, low-income seniors in Syracuse, NY; addressing a critical need for affordable housing for this growing population of elderly residents
Improved the performance of the property
Increased revenue stream for both towers – enabling the owner to re-position their earnings
Worked with members of the development team to create a well-designed and financially feasible project
Provided expertise in underwriting the development and operating budgets
Negotiated subsidy requests from New York State’s Housing Finance Authority
Filed applications to appropriate agencies for LIH Tax Credits and subsidies
Negotiated terms and conditions with the bank in securing the construction and bridge loans, as well as obtained and provided information to secure the project’s construction loan
Advised and assisted in the receipt of the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and the final capital contributions
Organized the necessary required documents for converting from construction financing to permanent financing
Provided on-going consultation throughout the development and post completion for the client to assist in any issues that arose
