ISSUE HIGHLIGHTS Volume 31, Issue 3 February 8 - 21, 2019
EW YORK, NY — NCV Capital Part- ners (NCV) , a real es- N Preservation effort will keep rents affordable for tenants at the portfolio NCV, LDG, Mount Hope & CPC close $100 million deal to preserve 515 units in the first quarter of 2019, includes in-place reconstruc- tion of kitchens, bathrooms and energy-efficient upgrades. Yorkers earning 60% of Area Median Income or lower, and will not be changed.
ner withNCVCapital Partners on Mount Hope Renaissance, exemplifies this commitment and is the latest success in our long effort to revitalize the Mount Hope community.” “With the city facing an af- fordability crisis and many struggling to keep pace with the costs of rent, it’s critical to preserve our existing af- fordable housing stock,” said Rafael Cestero , president & CEO of CPC. “We’re proud to be part of this effort to preserve the Mount Hope Renaissance portfolio’s 515 affordable units. The financing will help ensure the buildings will have the resources needed to be in good physical and financial health, and importantly, remain af- fordable to the current and future tenants. My thanks to NCV, Lemor, and HPD, as well as our funding part- ners at Amalgamated Bank and Comptroller Stringer and NYCRS for their support of this project.” access to major interstate and regional road networks via In- terstate 695, which bifurcates the site and encircles the city of Baltimore and connecting the project to I-95, 895, 97, 70 and 83 as well as Rte. 295. Tradepoint Atlantic contains the largest privately owned rail interchange yard on the East Coast and includes a fully op- erational, privately owned and operated short-line railroad with more than 60 miles of track (and plans for expansion) and connections to two Class I railroads, CSX Transportation and Norfolk Southern Rail- way. In addition, Tradepoint Atlantic owns and operates a marine terminal within the Port of Baltimore and offers significant deep-water frontage with deep water berths. HFF’s debt placement team representing the borrower included managing director Cary Abod , director Rob Carey and associate Kevin Byrd .
“We are proud to have provided our expertise and capital to help Mount Hope rehabilitate and reposition these Bronx community as- sets in this rapidly improving South Bronx neighborhood,” said Keith Gordon , manag- ing partner of NCV Capital Partners. “We are grateful to Mount Hope for selecting us as their partner, to LDG for lending their extensive devel- opment experience as our part- ner, and to HPD and CPC for utilizing its preservation tools to ensure the project remains quality affordable housing for decades to come.” “Mount Hope Housing Com- pany is steadfast in our com- mitment to meeting the needs of our community and main- taining affordable housing for our residents,” said Fritz Jean , CEO of the Mount Hope Housing Co. “Choosing to part-
tate advisory and develop- ment firm, in partnership with Mount Hope Hous- ing Compa- ny (Mount Hope) , Lem- or Develop-
Mount Hope Renaissance is financed by equity investments from NCV and LDG. CPC and its lending partner Amalgam- ated Bank are providing a $30 million construction loan. CPC is also providing a SONYMA-in- sured permanent loan through their funding partnership with the NYC Retirement Systems. Additionally, the NYC Depart- ment of Housing Preservation and Development (HPD) is providing a property tax exemp- tion and low interest financing to help ensure the affordability of the portfolio. The property remains sub- ject to a forty-year regulatory agreement through HPD, en- suring all units will remain affordable to the current and future tenants for the next four decades. Ninety-seven percent of the existing rents across the portfolio are affordable to New
ment Group (LDG), and the Community Preserva- tion Corporation (CPC) an- nounced the closing of a $100 million transaction to preserve a 515-unit, 13-building portfolio (Mount Hope Renaissance) in the Mount Hope neighborhood of the Bronx. The Mount Hope Renaissance portfolio includes 515 affordable units spanning between East 175th St. and East Burnside Ave., and ranges from studios to five-bedroom apartments. The comprehensive rehabilita- tion plan, slated to commence WASHINGTON, DC — Holliday Fenoglio Fowler, L.P. (HFF) announces the $135 million financing for two new, build-to-suit, class A in- dustrial buildings fully leased to Under Armour and Amazon. com and totaling 2.2 million s/f within the Tradepoint Atlantic multimodal industrial project
UPCOMING CONFERENCES March 20, 2019 Philadelphia Office & Industrial Conference
HFF announces $135Mconstruction take-out of 2 new class A industrial buildings near Baltimore
March 21, 2019 Delaware Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or firstname.lastname@example.org
Tradepoint Atlantic Amazon.com
Directory DelMarVa.......................................................... 5-8A Business Card/Billboard Directory.......................15A Organization Events. ...........................................16A New Jersey................................................. Section B Central New Jersey.........................................19-22B Pennsylvania.............................................. Section C
Tradepoint Atlantic Under Armour facility
in the Baltimore-area com- munity of Sparrows Point, MD. The HFF team worked on behalf of the borrower, Trade- point Atlantic, to place two sep- arate, non-recourse loans with Allianz Real Estate , includ- ing the $71.8 million, 18-year, fixed-rate loan for the Under Armour facility and the $63.2
million, 17-year, fixed-rate loan for the Amazon facility. The Tradepoint Atlantic site covers 3,250 acres on the Spar- rows Point peninsula along the Patapsco River at the gateway to the Port of Baltimore five miles southeast of Baltimore’s Central Business District. The location provides immediate
Made with FlippingBook - Online Brochure Maker