Deal Spotlight
Predevelopment Loan for Passive House Affordable Multifamily Housing for Seniors in Brooklyn
$
NYCEEC Loan Size
MMBtu
Annual Source Energy Savings
0
MTons
Lifetime GHG Savings
0
Number of Affordable Housing Units
The Project
Building Type
Affordable Multifamily
Building Size
172,000 Square Feet
Expected
Completion
2028
Location
East Williamsburg,
Brooklyn, NY
Upgrades/Technology
Electrification, Geothermal
Heating & Cooling, Passive
House Certified
NYCEEC Loan Product
Predevelopment Loan
Loan Term
36 Months
Closing Date
June 2025
NYCEEC provided a $4.75 million loan to finance the predevelopment costs associated with the construction of a new 14-story, 185-unit affordable multifamily building in Brooklyn. The building is being developed by the non-profit affordable housing developer St. Nicks Alliance, and will serve seniors.
NYCEEC served as the lead lender, funding 58% of the loan, with TruFund Financial Services, Inc. funding the remaining 42%. Partnering with co-lenders allows NYCEEC to significantly increase its impact per dollar invested and broaden the network of capital support available to impactful projects. The sponsor expects to receive construction financing through the NYC Housing Development Corporation (HDC) and the NYC Department of Housing Preservation and Development (HPD).
NYCEEC Loan (approximate)
$4,750,000
Lender Participation (approximate)
$2,000,000
Sponsor Equity
$570,000
Total Predevelopment Costs
$5,320,000
The Project
All housing units will be designated for seniors earning below 60% of the Area Median Income. The building is designed to meet Passive House standards and will be fully electric with an approximately 50 kW rooftop solar array, supporting the city and state’s environmental goals. The building will connect to and expand on Jennings Hall, St. Nicks Alliance’s current 150-unit affordable senior housing development adjacent to the site. This will help St. Nicks continue to expand their much-needed affordable housing supply in the community. NYCEEC’s loan will cover the costs necessary to complete the design work and start construction.