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.