JPMorgan Chase – Senior Citizen Affordable Housing Project in Queens Secures Financing – Commercial Observer
CB-Emmanuel (CBE) Realty and Calvary Baptist Church of Jamaica have closed on the construction financing for a senior citizen affordable housing project in Queens, the development partners announced this week.
CBE is spearheading the Jamaica, Queens development — which will feature 100 units of senior housing — along with with Calvary and Richman Housing Resources, a low-income tax credit equity syndicator. The initiative is a partnership with the New York State Homes and Community Renewal (HCR) agency and the New York City Department of Housing Preservation and Development (HPD).
The property at 160-60 Claude Avenue was acquired for $11.1 million in December 2020 and will include studios and one-bedroom units for low-income seniors, with 20 apartments set aside for formerly homeless individuals. Construction is expected to be completed in 2022.
In addition to a low-income housing tax credit equity, the project is being financed by $17.1 million of tax-exempt bonds issued by HCR. JPMorgan Chase also provided a $17.2 million letter of credit for capital subsidy provided by the Housing Trust Fund Corporation through the Governor’s Office of Storm Recovery.
“Calvary Baptist Church Senior Housing is a great example of the power that the Low-Income Housing Tax Credit can bring to community development in New York City,” said Moshe McKie-Krisberg, president of Richman Housing Resources. “Richman Housing Resources LLC would like to congratulate CBE Emmanuel and Calvary Baptist Church of Jamaica for renovating this wonderful project to upgrade the apartments for the tenants, and financially repositioning the project to operate successfully in the future.”
The scope of the construction work will involve upgrading 100 apartments at the site, new roofing and solar energy array installation, as well as electrical upgrades. Additionally, repairs to the exterior brick facade are also planned.
The project was designed by SMA Architecture Planning Interiors and Tri-Sec Construction has been tapped as general contractor.