Our Projects

 

Hope East of Fifth, LLC

Role: JV Partner, Developer, Owner
Address: 41 buildings located in New York, NY 10029
Closing Date: December 2016
Year Completed: December 2018

Led by a development team comprising Kalel Holdings LLC, Hope Community Inc., Monadnock Development LLC, and Notias Development LLC, Hope East of Fifth LLC (HEF) is a scattered-site multifamily modernization consisting of 39 buildings totaling 506 units. The recapitalization totaled $134 million. Capital improvements were completed with tenants “in place” and included roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, and 100% rehabilitation of apartment kitchens and bathrooms. Financing for this project included a restructuring of existing debt issued by NYC HPD and HDC, LIHTC equity, tax-exempt bonds issued by HDC and capital subsidy issued by HPD.

 

Mount Hope Preservation Apartments, LLC (MHPA)

Role: JV Partner, Developer, Owner
Address: 13 buildings located in Bronx, NY 10453
Closing Date: February 2018
Year Completed: November 2020

Another collaborative between Monadnock Development LLC, Notias Development LLC and Kalel Holdings LLC, MHPA is the substantial rehabilitation of a heavily distressed scattered-site multifamily portfolio consisting of 13 buildings totaling 497 units. Renovations were completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units. The recapitalization totaled $102 million. MHPA was the pilot project for the new NYC HDC Participation Loan Program. Construction period financing utilized a participation loan structure where HDC originated the loan and sold a 100% participation interest to JPMorgan Chase Bank to finance the acquisition and rehabilitation. Permanent financing includes an HDC permanent loan, HPD subsidy provided through its Year 15 Preservation Program, and developer equity investment.

 

Mount Hope Preservation Apartments 2A LLC (MHPA 2A)

Role: JV Partner, Developer, Owner
Address: 6 buildings located in Bronx, NY 10453
Closing Date: June 2018
Year Completed: December 2020

MHPA 2A involves the acquisition and substantial rehabilitation of 130 residential units situated in a total of six buildings located in the Mount Hope section of the Bronx, NY. Due to underlying environmental and structural issues, the project involves the checker-boarding of residents and some offsite temporary relocation to facilitate the completion of the improvements. The rehabilitation included complete replacement of all roofing elements and windows, boiler and HVAC upgrades, exterior façade pointing, brick replacement, common area modernizations, joist replacement, 100% rehabilitation of apartment kitchens and bathrooms, painting of all units and community room retrofits. Total development cost for the project was $35 million. Financing for repairs included equity generated from the sale of 9% LIHTCs, a provision of new capital subsidy made available under HPD’s Preservation Loan Program and a permanent loan provided by Sterling National Bank.

 

Monad Pillars I LLC (Pillars)

Role: JV Partner, Developer, Owner
Address: 2 buildings located in New York, NY 10030
Closing Date: December 2019
Year Completed: June 2021

Pillars involves the acquisition and moderate rehabilitation of 89 residential units situated across two buildings located in Central Harlem. The rehabilitation included complete replacement of all roofing elements and windows, boiler and HVAC upgrades, exterior façade pointing, brick replacement, common area modernizations, and new appliances for all units. Total project costs were an $25 million. Financing for repairs included private equity, capital subsidy made available under HPD’s Neighborhood Pillars Program and a permanent loan provided by Merchants Capital.

 

PACT Renaissance Collaborative LLC (PRC)

Role: JV Partner, Developer, Owner
Address: 43 buildings located in New York, NY
Closing Date: December 2020
Year Completed: Construction in progress – 35% complete

PRC involves the acquisition and substantial rehabilitation of 1,718 residential units situated across 39 buildings throughout the borough of Manhattan, NY. Improvements are scheduled to be completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units. The recapitalization totals $461 million. Financing was provided by NYC HDC with credit enhancement from Fannie Mae and servicing by Wells Fargo.

 

New Roads Plaza Owner LLC

Role: JV Partner, Developer, Owner
Address: 481 East 164th Street, Bronx, NY
Closing Date: December 2019
Year Completed: Construction in progress – 80% complete

New Roads Plaza consists of the improvement of a 12,543 square-foot parcel situated on the corner of Washington Avenue and East 164th Street in the Morrisania neighborhood of the South Bronx, NY. The Project involves the construction of a new, eight (8)-story elevator building, which will house ninety-five (95) residential units. Featured amenities include 24-hour on-site security, offices for resident social services, a community room, shared indoor and outdoor recreational space, laundry facilities, and a cellar level for mechanical systems and tenant storage. The total gross floor area of the building is 77,560 square feet. The tenant profile for the Project includes a mix of low-income families and special needs individuals, specifically chronically homeless, single adults with Serious Mental Illnesses (SMI). Financing for improvements includes equity generated from the sale of 9% LIHTCs, a provision of new capital subsidy made available under HPD’s Supportive Housing Loan Program and a construction loan from Wells Fargo Bank.