LIHC Investment Group and Silver Street Development Corporation have acquired a 134-unit low income housing development in Tuckahoe, NY, for $54.5 million
The joint venture secured $71 million in financing to acquire and preserve Marble Hall Apartments as affordable housing through at least 2060 while investing $5.78 million in upgrades and improvements over the next ten months.
“The preservation of Marble Hall guarantees the availability of affordable, healthy homes well into the future while providing peace of mind for our residents during a time of uncertainty for many American families,” said Andrew Gendron, Principal, LIHC Investment Group. “This deal was truly a team effort, from the sellers to the many public and private partners who rolled up their sleeves to make this intricate transaction a reality. We applaud all parties for working to ensure our existing stock of affordable housing is both protected and improved.”
“We are extremely pleased with the successful acquisition and long term plans we have put in place for Marble Hall, not only for the residents who call the property home, but for the Village, Town and County as a whole,” said Chris Poulin, COO of Silver Street Development Corp.
The acquisition and preservation of Marble Hall is supported in part by a $48 million HUD/FHA Section 223(f) refinancing loan provided by Rockport Mortgage Corporation and $17 million in 4% low-income housing tax credit (LIHTC) equity allocated by the New York State Division of Housing and Community Renewal (NYDHCR).
At the local level, associated tax-exempt bond financing in the amount of $38 million was issued by the Westchester County Industrial Development Agency (IDA) and a 40-year PILOT was approved by Tuckahoe Mayor Omayra Andino and former Mayor Greg Luisi.
In connection with the Section 223(f) loan, the property’s prior Project-Based Section 8 HAP Contract—which was set to expire in September 2039—was replaced with a new 20-year HAP Contract. In addition, the owners and HUD agreed to extend the term of the new HAP Contract an additional 19 years, effectively maintaining Marble Hall Apartments as affordable housing through 2060.
Located at 100 Columbus Avenue across from Parkway Oval Park on Bronx River, Marble Hall is a ten-story affordable rental building which offers 133 one-, two-, and three-bedroom unit homes for those earning no more than 60 percent area median income (AMI), plus an employee unit for a total of 134 units.
LIHC Investment Group and Silver Street Development Corporation are devoting $5.78 million, or about $43,135 per unit, to renovate the 50-year-old building, address outstanding capital needs and extend its useful life. Special attention is being paid to improve the property’s energy efficiency, the replacement of heat and hot water boilers with energy-efficient units, Energy Star Qualified LED lighting, and common area and in unit finish upgrades.
As part of the rehabilitation, all common areas—including the lobby, laundry room, community room, management office,— will receive upgraded finishes, lighting, fresh paint and new flooring. A tenant computer center will be added to the community room for residents’ use, and the playground and parking lot will be repaired and recoated, along with other site and security system improvements.
The majority of units will receive upgraded plank-style vinyl flooring; kitchens will be outfitted with stainless-steel Energy Star appliances and solid surface countertops, while new vanity cabinets and cultured marble tops will be installed in residents’ bathrooms. Sinks, faucets, showerheads and toilets will be replaced with water-efficient models and new air conditioning units will be supplied by the owners. Several apartments will be reconfigured for full ADA compliance and to better serve those with disabilities, hearing and visual impairments. The number of accessible parking spots will also be increased.
The architect of record for the project is The Architectural Team (TAT), based in Chelsea, Massachusetts.
LIHC and Silver Street Development wish to acknowledge the Department of Housing and Urban Development (HUD), the Westchester County Industrial Development Agency (IDA), Mayor Luisi and the Village of Tuckahoe, the Town of Eastchester, the School District, New York State DHCR, Rockport Mortgage, Nixon Peabody, Harris Beech, Tiber Hudson, Stifel, U.S. Bank, The Architectural Team, Procida Construction, SHP Management, DelBello Donnellan Weingarten Wise & Wiederkehr, and Essex Associates for helping protect homes at Marble Hall for families that need them.