Deal Spotlight
Predevelopment Financing for Modular Passive House New Construction in East Harlem
0
Mtons CO2e
Lifetime GHG Savings
0
mmbTU
Lifetime Energy Savings
The Building
Building Type
Mixed Income
Multifamily Rental
Building Size
1 Building
45,000 Square Feet
51 Units
(38 market / 13 affordable)
Year Built
2025
Location
New York, NY
Project Type
Construction
Upgrades
Passive House
NYCEEC Loan Product
Direct Loan
Term
2 Years
Closing Date
December 2023
Architectural rendering of project shown to the right of neighboring building.
The Project
NYCEEC provided an approximately $3,000,000 bridge loan to Assembly OSM, an early-stage company that is focused on building highly efficient and sustainable urban new construction through innovative modular processes. NYCEEC’s loan proceeds will bridge design, engineering, and supply chain expenses during the ramp-up period prior to the anticipated construction start date at the end of Q2 2024. The development is located in East Harlem, New York and will qualify for the New York 421-a tax abatement with 25% of the units regulated at 60% of AMI.
Construction Costs
$30,300,000
Predevelopment Costs
$3,800,000
NYCEEC Loan
$2,986,800
The Results
NYCEEC‘s predevelopment financing supports the construction of a 51-unit, all electric, passive house multifamily building with an affordability component. Assembly OSM is aiming to create a repeatable model that is specifically applicable to urban infill areas, which will allow for economies of scale and the creation of highly efficient new housing in areas where this has been a serious challenge.