The 234 Apartment

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

Construction of a controversial affordable housing scheme in Newburgh has been given the go-ahead. Forty houses and flats for rent are to be built at Banklands by Robertson Homes and Kingdom Housing Association . There were around 50 objections from the public to the development, voicing worries about road safety, flooding and the suitability for housing of the 1. 2 hectare steeply sloping site , which is outside the town’s settlement boundary. However, Fife Council’s north east planning committee gave consent , subject to conditions and a legal agreement on roadway improvements and an extra £10,000 for play park facilities . The estate will include 22 one and two-bedroom flats, 12 two-bedroom houses and six three-bedroom houses. It is one of two schemes proposed for Newburgh, with plans for mixed use development on a large plot of land north and south of Cupar Road at an early stage. Those behind the Banklands scheme overcame reservations of transportation officers by agreeing to i...

In the spring of 2015, residents of the Forest Hills Apartment complex complained about their air conditioners not working, mold in their apartments, outdated fire extinguishers , broken electrical outlets and slow response times from the management company . Now after about 18 months of renovations, things are starting to improve, residents say. “They’ve got a new manager, Ms. Eunice, and she is really, really trying to get some stuff done here,” Joyce Mosley, a long time resident of Forest Hills, said. “She has repaired several apartments, taken care of mold issues. They’ve sent in painters and plumbers.” Resident Keith Miller agreed . He said on a scale of 1 to 10, he’d give the new management an eight, primarily for their effort. He said things are not perfect, but he sees some improvement. Forest Hills has had a history of troubles in recent years. The 136- unit apartment complex is on Seventh Avenue and has 96 apartments reserved for residents who receive federal housing su...

Each 10 percent increase in Seattle rents leads to 523 more people becoming homeless. Pictured here someone living in one of Nickelsville’s sites. Nickelsville is an encampment run by and for homeless people in Seattle that seeks to provide a safe place for people to stay. In 2015, the homelessness crisis in Seattle was declared by Mayor Ed Murray to have reached a “state of emergency” severe enough to prompt him to request support from the federal government. Two years later, homelessness in the Emerald City is still on the rise as rents across the city and nearby towns continue to soar. The cost of rent in Seattle and the surrounding King County area has exploded in recent years. While luxury condominiums have never been more plentiful, affordable housing that is accessible to working people is difficult to find. According to data compiled by the real estate website Zillow , the average cost of renting a home in King County has risen approximately $800 since September of 2012....

KeyBank Arranges Loans for Affordable Seniors Housing Projects Cleveland- based KeyBank Real Estate Capital (NYSE: KEY) has arranged a $23. 8 million Fannie Mae loan for Harmony Housing , a 501(c)(3) non- profit organization based Douglassville , Georgia. KeyBank’s John Gilmore, IV, and Jeff Rodham arranged the financing. The funds will be used to acquire three affordable and senior housing properties in Texas and Wisconsin, including the acquisition of Prairie Park Senior Apartments , a 96-unit, low- income housing tax credits (LIHTC) property in Madison, Wisconsin. The company has also arranged a $6. 9 million FHA loan for Millennia Housing Development Ltd., for the renovation of Sherman Thompson Towers Apartments , a 151- unit affordable seniors housing community in Ironton, Ohio. The project was awarded tax credits by the Ohio Housing Finance Agency (OHFA), and has a housing assistance payments (HAP) contract that provides rental assistance to 150 of the 151 units. KeyBa...

Jorge M. Perez and his Related Group are bullish on Tampa Bay. How bullish? Some $350 million worth. That's how much the Miami-based company has invested so far in the area, particularly in the city of Tampa. "We love cities, and this is a can-do city," says Perez, who founded Related in 1979 and built it into one of the nation's largest real estate conglomerates . PREVIOUS COVERAGE: Related Group breaks ground on complex at old Tampa Tribune site Perez was in Tampa on Wednesday for the official groundbreaking of Manor Riverwalk, Related's 400- unit luxury apartment project where the Tampa Tribune once stood; and a visit to the site of Town Westshore, where Related plans 396 apartments in the Westshore Marina District near the Gandy Bridge. The company also expects to start construction in September on the 368-unit Icon St. Petersburg in the city's Edge District, and is lead developer on Tampa's $750- million West River redevelopment . In an interv...

Renovations are complete on 113 units at the sprawling Billings Forge complex , where tenants returned to find fresh paint , new appliances and soaring windows. The monthslong effort to upgrade the apartments, hallways and lobby in the former mill building on Broad Street concluded this year. Residents who had relocated temporarily were able to move back home last winter. Some who occupied older units moved into new ones. New kitchens, bathrooms, doors and windows were installed in the apartments, and modern appliances were added. New flooring was laid in the hallways, and the lobby received a face-lift. The $19. 8 million project , backed by a mix of state funds, federal and state tax credits , low income historic tax credits and aid from the Connecticut Housing Finance Authority , took about 19 months to finish. The mixed- income complex is 95 percent full, officials said, and is in the process of accepting new tenants. One hundred and two of its units are deemed “affordable hou...

David Engberg wheels through the third apartment he’s had in two years. PHOTO BY KARLOS RENE AYALA David Engberg and James Clark cling to their independence by a thread. Both men were born with cerebral palsy and live off Supplemental Security Income , or SSI—a stipend that puts them under the federal poverty line . So far, they’ve managed to keep a roof over their heads by splitting the cost of rent. But since the affordable housing crisis hit , the roommates have been priced out of two apartments in just two years. The stressful shuffling was witnessed by Jennifer Schmidt, their case manager at InAlliance, a nonprofit that provides employment and living services for people with disabilities. Advocates such as Schmidt are becoming increasingly alarmed by the way skyrocketing rents are affecting Sacramento County ’s 14, 000 disabled residents . Several independent surveys suggest Sacramento is experiencing some of the largest rent increases in the nation. Few feel those tectonic ma...

As rents climb across the U.S., more people are being driven into homelessness. In some of the country’s hottest housing markets , rent increases have a strong connection with upticks in the homeless population , according to a study released this week from real- estate website Zillow . In New York City, a 5% rent hike would lead to nearly 3,000 more people becoming homeless. In Los Angeles, the same increase in rent would leave around 2,000 people without a place to live. To produce the report, Zillow created a model that analyzed different variables, including how population growth and changes in rent affect the homelessness rate. The model also considered the accuracy of homeless counts. Zillow then passed Census population figures , homelessness counts and its own rental data through the model to determine the relationship between rental prices and homelessness in different cities. The Census population numbers also take into account people who move in or out of a city, inclu...

Long Island City waterfront ." /> The project will bring 1,000 apartments, commercial space and a new school to the Long Island City waterfront . View Full Caption NYCEDC HUNTERS POINT — Critics of the city's plan to build a school, offices and 1,000 apartments on the Long Island City waterfront called it "irresponsible" to develop the site because it's located in a hurricane evacuation zone that's prone to flooding during storms. Advocates said they would rather see the two city-owned parcels — located next to the East River at the end of 44th Drive — converted to public parkland, with plantings, oyster beds and other green infrastructure to help make the area more resistant to floods.  "We think continuing to build in a flood plain is irresponsible," said Diane Hendry, a member of the LIC Coalition, an advocacy group that launched a petition last week opposing the city's plans. "The land is a natural wetlands. It should be preserv...

The $13. 5 million Dillard project is scheduled to break ground in October and be completed in spring 2019, Deb Wendel-Daub, a Kilbourne project manager , said Wednesday, Aug. 23. The construction site is now a parking lot owned by the Dillard family but had once been home to row houses and a lumberyard, according to Kilbourne. Like many parking lots, it's not appealing to pedestrians and the new building is intended to change that. The Renaissance Zone Authority on Wednesday recommended tax exemptions for the project worth $967,000 over five years. After the incentives expire, Kilbourne estimates it would pay $202,000 a year in property taxes. The parking lot now pays $2,400 a year. Because the area is also part of a tax- increment financing district paying for a city- owned parking ramp that the developer finished in June, the taxes would go towards the ramp. Plans call for a 94,000-square-foot, six- story building with 84 apartment units and 13,000 square feet of ground...