Deal Spotlight
Financing for All-Electric Affordable Multifamily Housing in the Financial District
Affordable Housing Units
$
Total Project Cost
$
NYCEEC Loan Size
The Project
Project Type
Affordable Multifamily
Project Size
120,372 Square Feet
Expected Completion
2030
Location
Manhattan, New York
Upgrades/Technology
Passive House New
Construction
NYCEEC Loan Product
Predevelopment Loan
Loan Term
3.5 years (approximately)
Closing Date
January 2026
Initial rendering by Dattner Architects
NYCEEC provided a $4,401,000 Predevelopment Loan to Settlement Housing Fund (SHF) to support the construction of a 100% affordable housing development in the Financial District of Manhattan, New York. SHF is a New York City-based nonprofit focused on affordable housing and sustainable community development for low- and moderate-income families. The NYCEEC loan will cover early-stage architectural, engineering, environmental, and sustainability consulting services.
All units will be 100% affordable at 30-80% Area Median Income (AMI) and a portion of the units will service formerly homeless households as part of NYC HPD’s “Our Space” program. In addition, the project will have on-site senior- and family-oriented social services provided by SHF.
NYCEEC served as the lead lender, funding 50% of the proceeds, while the Energy Catalyst Fund, managed by ImpactAssets Capital Partners, will fund the remaining 50%. 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 such as this one.
The Project Numbers
NYCEEC Loan
$4.4 million
Construction & Other Costs
$105.0 million
Total Project Cost (est.)
$109.4 million
The Results
Upon completion, the project should serve as a model for integrating high-performance building standards and vital social services, significantly benefiting disadvantaged communities. The project’s addition of 120 affordable housing units to the Financial District contributes to the neighborhood’s accessibility and affordability.