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Merchants Secures Permanent Financing on UWS Seniors Housing
Mortgage banking company Merchants Capital recently structured the $66-million permanent financing for Goddard Riverside Community Center’s Phelps House, a 169-unit affordable housing complex for seniors located at 595 Columbus Ave. on Manhattan’s Upper West Side.
The financing was provided through a risk-sharing arrangement between Freddie Mac and New York City Housing Development Corporation.
The long-term financing will enable the owner to keep the units affordable to tenants, while making capital improvements. It will also extend the affordability period and subsidy term by a minimum of 20 years.
“The Phelps House transaction exemplifies the type of mission-driven preservation of affordable housing that we love to be a part of,” said Merchants Capital vice chairman Mathew Wambua. “We are grateful to Goddard for their vision and commitment to community, and we are deeply appreciative to HDC, New York City Housing Preservation & Development, Freddie Mac and Rockabill Consulting for their partnership.”
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- ◦Financing
