Khalifa Residences

Kalel Companies, together with the Masjid Abdul Muhsi Khalifa, is leading the redeveloper of the existing Clara Muhammad School and Masjid Khalifa Mosque at 120 Madison Street in the Bedford-Stuyvesant section of Brooklyn into approximately 108 units of low-income housing and a new mosque. The existing 3-story building extends the length of Bedford Avenue between Madison and Putnam Streets, with vacant commercial storefronts on the ground floor and the mosque and school on the second and third floors. The redevelopment plan calls for the demolition of the existing building and the new construction of a 7-story elevator residential building, which will be part of the Senior Affordability Rental Apartments. In addition, the project will also include the re-construction of a mosque and ground floor commercial space.

Financing sources are expected to include a permanent loan anticipated to be provided by Fannie Mae or Freddie Mac, a second mortgage from NYCHA/HPD and Federal and State Historic Tax Credit equity.