Supportive Senior Housing / New Construction / Faith Based Community Development
Friedrichs Residences is a supportive senior housing new construction project for the Wartburg Home of the Evangelical Lutheran Church in Mount Vernon, New York. Comprised of 56,000 square feet, the site includes 61 affordable housing units for seniors of all faiths earning up to 60% of the Area Median Income. Additionally, the project created amenities for the seniors including multi-purpose community rooms, a library, dining, laundry and fitness facilities, as well as on-site parking and was rated LEED Gold. The development was rewarded a state HEAL NY grant, for which a portion of the funds were allocated for the construction of the building. Rockabill was brought in as financial consultants by the owner, The Wartburg Home of the Evangelical Lutheran Church, to assist them through the development of the project – which closed in December of 2011 and was completed in February of 2013.
Preserved 61 units of supportive affordable senior housing
Provided safe, decent and supportive apartments for 65 low-income seniors on fixed incomes
Senior building added to the onsite continuum of care of the Wartburg campus
Provided expertise for the underwriting of the operating and development budgets for the project.
Advised the owner on the optimal rent levels needed to meet with financial funding compliance, while also attracting tenants to meet the operating needs of the project.
Negotiated subsidy requests from the NYS’s Homes and Community Renewal’s Housing Finance Agency.
Negotiated a subsidy request from the Federal Home Loan Bank of New York.
Filed applications for both the NYS Housing Finance Agency and Federal Home Loan Bank of NY for low income housing tax credits and subsidies.
Meet with local government and community officials to discuss and negotiate subsidy requests.
Negotiated terms and conditions with the financial lending institution to securing the construction and bridge loan, as well as gathered and provided information to secure a construction loan.
Coordinated and managed development team members to provide due diligence items required for closing from the equity partner, government agencies, banks and their respective attorneys.
Advised and assisted for the receipt of the cost certification, the LIH Tax Credit Allocation and Certification Form 8609, and the final capital contributions.
Organized the necessary documents required to convert from construction to permanent financing.
NYS Homes and Community Renewal – Housing Finance Agency: Tax Credits/Tax Exempt Bonds/Low Interest Loan
Bank of America Merrill Lynch: Private Financing Letter of Credit
Enterprise Community Partners: Tax Credit Syndicator
