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Deals & Dealmakers

Exact Capital Leads Public-Private Partnership Developing 52 Units of Affordable Co-Ops in Harlem

Exact Capital, a national commercial real estate development firm, is leading a public-private partnership in the ground up development of 52 affordable co-op apartments in Central Harlem.

Exact partnered with Harlem Equitable Development Corp., an affiliate of Harlem Congregations for Community Improvement, Inc., on the project.

The scattered site project, Northern Manhattan Equities III (NMEIII), will be constructed on two vacant parcels located at 207-209 West 140 Street and 304 West 150 Street. It comprises a 6-story building containing 21,162 gross square feet of residential space on West 140 Street, and a 12-story building with 34,129 gross square feet of residential space at the West 150 Street site. The 31 units at 204 West 150 Street include studio, 1-, 2- and 3-bedroom apartments. The 21 apartments at 207-209 West 140 Street are 1- and 2-bedrooms.

Total capitalization of NMEIII is $32.56 million.

“While Exact Capital develops affordable housing throughout the United States, as a company based in Manhattan, we take particular pride in creating an opportunity for New Yorkers with qualifying incomes to fulfill the American Dream of home ownership through new affordable co-op apartments in Harlem,” said Craig Livingston, managing partner of Exact Capital.

“We are utilizing New York City’s Housing Preservation & Development’s Open Door Program to provide moderate and middle income families with opportunities to purchase affordable homes in their community,” said Mr. Livingston.

“Partnering with a dynamic and diversified for profit developer such as Exact Capital, has afforded HCCI with an opportunity to expand its existing 3,500 unit affordable housing portfolio in markets on a national stage. Homeownership is an essential to HCCI’s active development work so the NME III project fits squarely within our mission of revitalizing Harlem by creating opportunities for ownership for middle-income residents, said Dr. Malcolm A. Punter, President and CEO of HCCI.

Purchasers’ income must be 80% to 90% of Area Median Income (AMI) to qualify.

This project is a continuation of the Northern Manhattan Equities series of preservation and development projects which began in late 2014 and previously preserved 608 affordable apartments in Central Harlem, said Mr. Livingston.

In addition to the non-profit HCCI, the public-private partnership led by Exact Capital in the development of NME III includes New York City HPD and the New York State Affordable Housing Corporation, with construction financing provided by Webster Bank, N.A..

“Webster Bank N.A. is pleased to partner with Exact Capital and Harlem Congregations for Community Improvement in bringing quality affordable home ownership to the working families of Harlem. The Northern Manhattan Equities III project will allow these families and individuals to achieve the American Dream of home ownership that had previously been out of reach,” said Glenn Lunde, VP & Managing Director, Community Development Lending & Investment, of Webster Bank.

Exact Capital, based in New York, is a national diversified real estate development firm with more than three decades of experience in the acquisition, finance, development and construction of mixed use multifamily affordable residential and commercial real estate. Exact is a leader in public/private partnerships that add value to neighborhoods through ground up construction and adaptive reuse that transform blighted structures, underutilized sites and other nonperforming real estate assets. Exact’s primary focus is developing and preserving affordable housing throughout the United States in communities where its experience and expertise provide a strategic advantage in responding to the needs of the market.  Exact is known for such landmark developments as the new Marriott Hotel and adjacent mixed income residential tower built above Harlem’s historic Victoria Theater. Exact recently announced the development of the 250-unit 100% affordable Skyline Apartments on Atlanta’s Beltway. Exact Capital is a certified Minority Business Enterprise.

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