New Affordable Units Coming to 545 E. 166 Terraces in the Bronx
Affordable housing goals are met one unit at a time, which is why Capalino is pleased to announce that the financing for another 41 new affordable housing units closed in late December, at 545 E. 166 Terraces in the Bronx.
Capalino worked closely with Twin Brothers Development from project conception and throughout the planning and financing process to help achieve this new affordable housing development project in the Bronx. Twin Brothers Development is a new housing developer with significant experience as a mid-sized affordable housing contractor (through its sister company AAD Construction Corp).
In 2015, Twin Brothers sought the assistance of Capalino to develop a parcel of land purchased 10 years earlier. Capalino’s Affordable Housing Team Richard Barth and Claire Altman worked with Twin Brothers to identify the most financially feasible, and profitable, way to build housing that would fit within the neighborhood context.
The jointly developed strategic plan led us to partner with a co-developer, SOBRO, a well respected not-for-profit housing and economic development organization. Capalino assisted Twin Brothers and SOBRO throughout the process, securing 9 percent Low Income Housing Tax Credits from HPD, bringing in Red Stone Equities as the syndicator, landing a commitment from HPD for a 1 percent second mortgage subsidy dollars, and the Community Preservation Corporation for the first mortgage.
“We were pleased to work with Twin Brothers and Capalino on this deal. There is tremendous need for affordable housing in New York City. Everyday teams of committed professionals—financiers, government officials, consultants, developers, contractors and architects—work to the meet this critical need. Twin Brothers, an accomplished NYC contractor, is new to the developer role and with the support of the great team at Capalino they are well on their way to becoming an important contributor to the affordable housing landscape. This project once completed will be something for which all of us will be extremely proud,” said Richard Roberts, Managing Director of Red Stone Equity Partners.
This $19 million project will be completed in June 2018 and occupied by families with incomes between 30 percent and 80 percent of area median income, including at least 8 units set aside for veterans. This development provides permanent affordable housing and a foundation on which families can build their lives.
The support of Mayor de Blasio’s administration and Ruben Diaz, Jr., the Borough President of the Bronx have been fundamental in making this project a reality.
Capalino works clients to identify affordable housing and other development opportunities.
Get in touch today to discuss the implications and opportunities for your sites and developments.
Claire Haaga Altman
Executive Vice President of Affordable Housing + Community Development
Executive Vice President of Housing + Real Estate Strategies
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