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LIHC, Silver Street Garner $71M Financing for Tuckahoe Low-Income Apartments
LIHC Investment Group and Silver Street Development Corporation secured $71 million in financing to acquire and preserve Marble Hall Apartments, a rental community serving 134 low-income households in Tuckahoe, NY. In line with the $54.5-million purchase, the new owners will maintain the property as affordable housing through at least 2060 while investing $5.78 million in upgrades and improvements.
“The preservation of Marble Hall guarantees the availability of affordable, healthy homes well into the future while providing peace of mind for our residents during a time of uncertainty for many American families,” said LIHC principal Andrew Gendron.
The acquisition and preservation of Marble Hall is supported in part by a $48-million HUD/FHA Section 223(f) refinancing loan provided by Rockport Mortgage Corporation and $17 million in 4% low-income housing tax credit equity.
At the local level, $38 million of tax-exempt bond financing was issued by the Westchester County Industrial Development Agency.
