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New York & Tri-State   /   February 8, 2021

Paul Bubny
By: Paul Bubny

Partnership Reaches Construction Closing on Jamaica Affordable

CB-Emmanuel Realty, LLC and development partners Calvary Baptist Church of Jamaica and Richman Housing Resources recently announced the construction closing of Calvary Baptist Church Senior Housing, a 100% affordable residential development in Queens that will preserve 100 units of senior housing within the Jamaica neighborhood.
 
In addition to Low Income Housing Tax Credit equity syndicated by Richman, the project is being financed with 4% Tax Exempt Bonds as well as capital subsidy provided by the Housing Trust Fund Corporation acting by and through the Governor's Office of Storm Recovery.  Chase provided the Letter of Credit. 
 
“Calvary Baptist will have a positive impact in Jamaica by preserving affordable housing for seniors,” said Jane Silverman, executive director, Community Development Banking, Chase. “We’re pleased to have the opportunity to work with CB-Emmanuel, Calvary Baptist Church, and other key industry players in contributing towards the preservation of vibrant neighborhoods.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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