Mortgage banking company Merchants Capital has structured $66 million in permanent financing for Goddard Riverside Community Center’s Phelps House, a 169-unit affordable housing complex for seniors located at 595 Columbus Avenue.
Phelps House has historically provided affordable, subsidized housing and services for low-income older adults in one of the most expensive neighborhoods of New York City: the Upper West Side of Manhattan.
The property also houses the Goddard Riverside offices and a full-service Senior Center which serves residents from the surrounding community.
The new long-term financing will enable the owner to keep the units affordable to tenants, while also continuing to provide them with quality housing by making capital improvements, including plumbing and accessibility upgrades.
Additionally, the financing will extend the affordability period and subsidy term by a minimum of 20 years to ensure continued operations of the highest standard in the long term, in accordance with the Goddard’s mission to provide high quality senior services to their residents.
The Freddie Mac and New York City Housing Development Corporation (HDC) Risk Share financing vehicle benefits Goddard, one of the oldest non-profit/social services providers in the city.
“The Phelps House transaction exemplifies the type of mission-driven preservation of affordable housing that we love to be a part of,” said Merchants Capital vice chairman Mathew Wambua.
“We are grateful to Goddard for their vision and commitment to community, and we are deeply appreciative to HDC, Housing Preservation & Development (HPD), Freddie Mac, and Rockabill Consulting for their partnership. Merchants Capital is proud to have been a participant in assisting the operating of a pillar of the community such as Goddard Riverside.”
Last year, more than 22,000 New Yorkers took part in the wide range of activities offered by Goddard. The agency’s programs range from early childhood education and school-based/after school-based programs, to providing over 540 units of permanent housing with on-site supportive services.
“Goddard Riverside’s goal is to invest in people and strengthen the community, and older adults are a key part of that picture. Goddard will be able to continue providing high-quality housing at an affordable price for them,” said Goddard Riverside Executive Director, Roderick L. Jones, Ed.D.
“The new resources will allow Goddard to enhance efforts to ensure those most in need are helped.”
“Rockabill is grateful for our longtime partnership with Goddard Riverside Community Center, and for the opportunity to assist with their affordable housing preservation and development goals,” said Niall Murray, Managing Principal of Rockabill Consulting and Development.
“This transformative deal was the result of a strong and committed group from Goddard Riverside, Merchants Capital, Freddie Mac, HUD, HPD, and HDC working to ensure this vital Upper West Side senior housing remains affordable and viable in the long term.
“Through the forward-thinking initiative of the Goddard Riverside staff and board of directors, Phelps House will continue to house low-income seniors in the community for years to come.”