As reported in Real Estate Weekly, BFC Partners has closed on what will become a 269-unit affordable housing development on the North Shore of Staten Island. The 100% affordable 475 Bay Street project will provide 131 units for individuals at or below 80% AMI and 138 units for formerly homeless senior citizens who are at or below 30% AMI. A rooftop recreation area with an older outdoor recreation deck, indoor fitness area, children’s play space, laundry facilities, and a multifunctional lounge are among the amenities included in the 250,173 square-foot development. Pedestrian-friendly retail will occupy 9,000 square feet, along with 66 parking spots.
475 Bay Street is the first new construction development in the recently rezoned Bay Street Corridor. Financing for the $151 million project is comprised of a $99,865,000 first mortgage loan from the New York State Housing Finance Agency (NYSHFA) funded by a series of tax-exempt Affordable Housing Revenue Bonds, a $1.5 million subsidy loan funded by NYSHFA, and over $6.5 million in 4% low-income housing tax credits.
The development will also receive an annual subsidy for frail and older adult residents from the New York State Empire State Supportive Housing Initiative (ESSHI). Onsite supportive services will be provided by Selfhelp Community Services, Inc. and will include physical wellness courses and nutrition workshops