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August 28, 2019

Building Workforce Housing in a NYC Suburb

We are providing nearly $110 million in financing to develop a mixed-use, mixed-income property in New Rochelle, New York. Working with Citi Community Capital, our unfunded forward commitment will help build 14 LeCount Place — providing 380 housing units along with retail, and helping to revitalize New Rochelle’s downtown. 

Some 25% of the units will be affordable — with 48 for residents with incomes at or below 50% of area median income (AMI), and 47 for those who earn 70% or less of AMI. The 27-story tower will also include 6,000 square feet of retail space, a parking garage and other resident amenities.

Sponsorship is a joint venture between L+M Development Partners, Wilder Balter Partners and the Goldman Sachs Urban Investment Group.

This project with the New York State Housing Finance Agency is funded through a variety of public, nonprofit and private sources. While the loan is taxable, it is structured as a direct placement of municipal financing. The property will generate 4% Low-Income Housing Tax Credits to be purchased by Citibank, N.A., through direct investment. The construction site was admitted into the New York State Brownfield Cleanup Program and is projected to generate Brownfield Tax Credits.

14 LeCount

Our permanent loan will have a 10-year term based on a 35-year amortization schedule with two years of interest only, sized to a 1.15x DCR and 80% LTV.

“We’re helping make exciting projects like this possible — by providing the flexibility needed and helping borrowers manage interest rate risk,” said David Leopold, Freddie Mac Multifamily vice president of Targeted Affordable Sales & Investments.  

“We were proud to work collaboratively with the New York State Housing Financing Agency and the development team to create a compelling lending package that allowed for deep affordability for 25% of the units,” said Citi Community Capital Director Barry Krinsky.

14 LeCount will be one of the first mixed-income buildings in downtown New Rochelle. From the lobby to its lush outdoor spaces, the project has a sophisticated design and commitment to sustainability standards. The building will feature a hammock grove, several lounges, a children’s playroom, a dog run and wash area, two ample terraces and an outdoor pool on the 25th floor with sweeping views of the Long Island Sound and the NYC skyline.

The community is a five-minute walk from the New Rochelle Metro-North and Amtrak station and less than 40 minutes from Grand Central Station by train.

Construction is expected to be completed by January 2022.

“14 LeCount will be among the most positive and transformational projects ever undertaken in New Rochelle,” said New Rochelle Mayor Noam Bramson.

duty to serve

As the top funder of affordable housing in the U.S., we innovate to serve the needs of the market — and work to tackle the nation’s most persistent housing challenges. Through our Duty to Serve commitment with the Federal Housing Finance Agency, we focus on rural and manufactured housing and preserving more affordable housing for renters nationwide.

 

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