Archives: Portfolios

NYCEEC provided a $2,000,000 construction-to-term direct loan to Christ Church Bronxville, a historic congregation founded in 1901, to finance the replacement of steam boilers and conventional HVAC systems with modern, energy-efficient geothermal heating and cooling systems, featuring a 150-ton ground source heat pump.

NYCEEC provided an $800,000 construction-to-term Multifamily Express Green (MEG) loan to Southridge Cooperative Section I, Inc., a 360-unit residential cooperative in the Jackson Heights neighborhood of Queens. The project includes the installation of a 384.34 kW DC Solar PV roof-mounted system across six buildings. As part of the NYC CoolRoofs initiative in 2024, the buildings’ roofs were upgraded and coated with a white silicone membrane to improve energy efficiency and extend the lifespan of the roof.

NYCEEC provided a $4,400,000 Predevelopment Loan to support the
development of Building B, one of six buildings in the new Gowanus Green
project. Gowanus Green is a 100% affordable housing project being
co-developed by Gowanus Green Partners, a joint venture between The
Bluestone Organization, Fifth Avenue Committee, The Hudson Companies,
Jonathan Rose Companies, and Mega Group Development in the Gowanus
neighborhood of Brooklyn. The Hudson Companies is the lead developer
for Building B. A former manufactured gas plant, Gowanus Green will be a
sustainable mixed-use community featuring six new buildings with a total of
955 units of 100% affordable housing, 28,000 square feet of retail and
community space, an 80,000 square foot site for a public school across from
a 1.5-acre public park, and newly built extensions of Luquer Street and Hoyt
Street.

NYCEEC provided five low-cost Predevelopment Loans totaling $750,000, each $150,000, to five separate borrowers affiliated with Sisters of Charity Housing Development Corporation (SCHDC). SCHDC is a non-profit organization that operates and develops permanent affordable homes for the elderly, the formerly homeless, and housing-insecure families. The six buildings will have a total of 281 affordable units upon completion of the substantial rehabilitation. At one of the buildings, 90 of the existing single-room occupancy units (SROs) will be converted to 55 studio apartments to better support the formerly homeless population, which will reduce vacancies and support the property’s long-term financial stability.

NYCEEC provided five low-cost Predevelopment Loans totaling $750,000, each $150,000, to five separate borrowers affiliated with Sisters of Charity Housing Development Corporation (SCHDC). SCHDC is a non-profit organization that operates and develops permanent affordable homes for the elderly, the formerly homeless, and housing-insecure families. The six buildings will have a total of 281 affordable units upon completion of the substantial rehabilitation. At one of the buildings, 90 of the existing single-room occupancy units (SROs) will be converted to 55 studio apartments to better support the formerly homeless population, which will reduce vacancies and support the property’s long-term financial stability.

NYCEEC provided a $2,350,000 Predevelopment Loan to support the
development of Timbale Terrace, a 100% affordable housing project in East
Harlem. The project is being co-developed by Mega Group Development
and Lantern Community Services. NYCEEC served as lead lender, funding
50% of the loan, with TruFund Financial Services, Inc. funding 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.