Affordable Housing / Preservation

CABS Senior Housing project involved the preservation and rehabilitation of a HUD 202 building located in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. The property, comprised of a 7-story building with 110 affordable housing apartments was substantially renovated utilizing tax-exempt bonds & low income housing tax credits (LIHTC). Rockabill was retained by the owner, CABS HDFC, to analyze the financing and making recommendations for the financial restructuring of the project, which also enabled it to undergo a substantial renovation.

    • Preserved 110 affordable housing apartments for senior residents in Bedford-Stuyvesant, Brooklyn-renovation costs of $7.5m included new bathrooms, kitchens, roof replacement, new boilers, new elevators, upgraded lobby, façade work;
    • Repositioned the building’s operating capabilities for increased efficiency by lowering operating costs and debt service payments;
    • Generated substantial developer fee and access to residual cash flow for the client through the use of innovative financing solutions.
    • Provided expertise in underwriting the development and operating budgets.
    • Negotiated with NYS Housing Finance Agency (HFA) to secure bond financing and an allocation of tax credits.
    • Worked with members of the development team to create a well-designed and financially feasible project.
    • Negotiated the terms and conditions of the project with both the bank and syndicator to secure the construction loan and tax credit equity proceeds.
    • Worked with accountants to complete the cost certification, and secure the final allocation of tax credits.
    • Coordinated with financing partners to convert the project from construction to permanent financing.
    • Provided on-going consultation to the client throughout the development of the project, as well as post- development.
    • NYS Housing Finance Agency: Tax exempt bond & LIHTC
    • JPMorgan Chase: Letter of Credit Provider
    • The Richman Group: Tax Credit Syndicator
    • Architect: Nomad Architecture
    • General Contractor: FH-PH Corp.
    • Attorney: Hirschen Singer & Epstein