Love Funding announced the closing of a $9.1 million loan for the refinancing of JASA’s Scheuer House of Coney Island.
Scheuer House is an affordable senior housing property in Brooklyn, New York.
Laura Saull-Smith, senior director, secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) program.
This program enabled the borrower, JASA, to preserve rent-subsidized units at the property, fund more than $4.8 million in repairs and reserves, provide additional equity to use for future projects and move to 35-year non-recourse debt at a historically low, fixed interest rate.
According to JASA’s Director of Housing Donald Manning, “Affordable housing demands in the New York City area far exceed the existing supply. All of our buildings have waitlists because JASA has a reputation for providing high-quality, affordable and secure housing for older adults and disabled individuals in prime locations.”
JASA’s Scheuer House of Coney Island property offers 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units.