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LIHC Partnership Acquires East Harlem Affordable Complex
LIHC Investment Group, Camber Property Group and Settlement Housing Fund closed on the $85-million acquisition of Lexington Court in East Harlem, a nine-building complex with 229 units of affordable housing. Under terms of the deal, the new owners extended the portfolio’s Section 8 Housing Assistance Payment contract and will maintain the properties as restricted-income housing for at least the next 40 years.
“This transaction protects a substantial number of affordable units so they may continue to serve the East Harlem community while allowing for renovations that will greatly benefit longtime residents of these nine buildings,” said LIHC principal Andrew Gendron. “There are very few asset classes with more proven resilience and staying power than affordable housing and competition for deals in the five boroughs remains extremely high.”
The partnership executed a $73.1-million FHA risk-share loan with the New York City Housing Development Corporation and supplied $11.5 million in developer equity.
- ◦Sale/Acquisition
