Berkadia has secured a HUD loan to finance upgrades at the Seagirt Senior Housing property in Far Rockaway.
The high-rise affordable housing property was arranged on behalf of JASA, a group that specializes in providing safe, affordable and accessible apartments for older adults and disabled individuals.
Berkadia managing director Laura Smith secured the $22.6 million in permanent refinancing on behalf JASA. The HUD 223(F) 35-year loan features a low interest rate and a 71 percent loan-to-value ratio.
“It is a pleasure to be working with the non-profit team at JASA again. The new HUD 223(F) loan will allow this important partner to complete over $4.7 million in repairs ($31k+ per unit), including modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and funding for a new boiler system,” said Smith.
“This will ensure the long-term comfort and safety for its senior and low-income residents, an important demographic that is often overlooked and underserved.”
“As an industry leader in affordable senior housing, we see first-hand the overwhelming demand for high-quality housing for low-income residents in New York City. We are grateful to be able to provide our tenants with added services and upgraded facilities thanks to our partners at Berkadia. Now, more than ever, the older adults we serve need an affordable and secure place to call home,” says Donald Manning, JASA’s Executive Director of Real Estate & Management.
Located at 1915 Seagirt Blvd., Seagirt Senior Housing is a 12-story, 120,278 square foot building constructed in 1985, including 151 Section 8 apartment units and one employee unit. The location in Queens allows residents convenient access to the Rockaway Beach Boardwalk.