MONSIGNOR ALEXIUS JARKA HALLSenior Affordable Housing / HUD Preservation
Monsignor Alexius Jarka Hall is a HUD 202 preservation project of a six-story property in the Williamsburg neighborhood of Brooklyn. The project called for the substantial rehabilitation of 64 affordable senior affordable housing units for seniors residents on fixed incomes – with 13 of the apartments set aside for formerly homeless seniors. The owner of the property was People’s Firehouse, a 40-year-old North Brooklyn-based non-profit tenant advocacy organization. They contacted St. Nick’s Alliance, a community development corporation with a focus on affordable housing, to refinance and renovate the property and St. Nick’s asked Rockabill to come in as consultants to advise them all aspects of the transaction. This $19 million project was developed using tax exempt bonds, LIH Tax Credits funding through New York City’s Housing and Preservation Department and Housing Development Corporation, along with credit enhancement from Citi Community Capital and equity from The Richman Group. The deal closed in March 2016 and construction was completed in January 2018 and guarantees affordable living spaces for seniors for the next 35 years.
- Preserved 64 units of affordable housing for low-income and formerly homeless senior residents
- Extends the affordability of the units for 35 years
- Addresses the critical needs for affordable housing for most vulnerable residents from the community
- Improved the performance of the property’s operating and cash flow
- Improved the energy performance of the building by undertaking the Enterprise Green Communities specifications
- Provided expert analysis to the client utilizing lessons learned from underwriting projects of similar type.
- Worked with members of the development team to create a project that is well-designed and financially feasible.
- Filed applications to applicable government agencies for LIH Tax Credits, as well as other appropriate subsidies.
- Negotiated terms and conditions with the financing partners to secure the construction and bridge loan.
- Reviewed the LIH Tax Credit equity proposals from the potential corporate investors and negotiated terms and conditions with the LIHTC investor.
- Coordinated and managed the project team members to obtain required due diligence items for closing from the equity partner, government agencies, bank and their respective attorneys.
- Advised and assisted in obtaining the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and final capital contributions.
- Organized the necessary documents required to convert from the construction to permanent financing.
- NYC Housing Preservation and Development: Article XI Tax Exemption & LIH Tax Credits
- NYC Housing Development Corporation: Tax Exempt Bonds
- State of New York Mortgage Agency: Mortgage Insurance
- Citi Community Capital: Private Financing through providing Letter of Credit
- The Richman Group: Tax Credit Syndicator
- Architect: Design AIDD Architecture, D.P.C.
- General Contractor: FG-PH Corp.
- Attorney: Hirschen Singer & Epstein, LLP
- Property Managing Agent: St. Nicks Alliance