Real Estate Weekly
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Construction & Design

Developer partners with church group to rehab homes

Exact Capital has renovated and preserved 650 affordable residential rental units and 25 stores in 29 buildings located in Central Harlem between 113th and 152nd Streets.

The rehabilitated units range in size from one to five bedrooms. Renovations to the buildings involved new roofs, boilers, repointing, refreshed common areas, new kitchens and upgraded bathrooms. “We are proud to play a role in rehabilitating and preserving much-needed affordable housing in Central Harlem,” said Craig Livingston, managing partner of Exact Capital. “Exact teamed in joint ventures with Harlem Congregations for Community Improvement, Inc. (HCCI) for this ambitious rehab achievement.”

“This collaboration with Exact Capital, extends affordability for 29 buildings of HCCI’s 89-building portfolio for another 40 years,” said Malcolm A. Punter, president and CEO of HCCI.

“As a long-standing CDC in Central Harlem, HCCI has a commitment ensuring that our founders — clergy and local residents — who worked tirelessly to improve the Harlem community, are able to stay and enjoy the benefits of this rapidly developing enclave.”

Financing for the $12 million Central Harlem affordable housing rehab was provided by Bank of New York Mellon, TD Bank, the New York City Department of Housing Preservation and Development and Merchants Bank.

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