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JV Secures $52M Financing for Far Rockaway Affordable
A joint venture of Brisa Builders Development LLC and PMG Affordable secured $51.7 million in financing for 19-19 Cornaga Ave., a nine-story, 92-unit affordable housing project designed by Paul Castrucci Architects and located in the Downtown Far Rockaway Special Purpose District in Queens. Not On My Watch Inc. will serve as the project’s nonprofit social service provider.
The financing package combines construction and permanent financing from public and private sources, including $1.8 million from New York State Homes and Community Renewal through the Federal Housing Trust Fund; $28.4 million in construction financing from Bank of America; $12.9 million from the New York City Department of Housing Preservation and Development; and $8.3 million from HCR through the Supportive Housing Opportunity Program .
In addition, the project is leveraging approximately $21.4 million in Low-Income Housing Tax Credit equity syndicated by Enterprise, $2.3 million in State Low-Income Housing Tax Credit equity, and $41,000 in solar tax credit equity.
- ◦Development
- ◦Financing
