New York & Tri-State + Uptown/Bronx + Finance | February 10, 2023

Development Team Lands $400M-Plus for Inwood Affordable Project

Wells Fargo’s Community Lending and Investment (CLI) has provided $288 million in financing to Joy Construction Corporation and Maddd Equities for the new construction of North Cove, a 100% affordable, mixed-use development located in Northern Manhattan’s Inwood neighborhood. The total financing is reportedly $414 million.

The project’s 611 residential units will be reserved for households earning 27-110% of Area Median Income. Additionally, 94 units will be reserved for formerly homeless households.

The project will also include more than 60,000 square feet of commercial space. A public access waterfront park will be built adjacent to the project on land provided by the city.

Duane Mutti and Katherine McAdams of CLI Debt arranged a $155-million letter of credit to back NYC-issued tax-exempt bonds, while CLI Equity’s Korbin Heiss and David Mayseless provided a $133-million equity investment through the purchase of Low-Income Housing Tax Credits and New York State Brownfield Redevelopment Tax Credits.

Rendering courtesy of Aufgang Architects.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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