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811 Lexington Senior Residence
811 Lexington Senior Residence
The four-story, 41,421 square-foot 811 Lexington Senior Residence will provide 63 new affordable housing units for senior citizens in the Bedford-Stuyvesant neighborhood of Brooklyn. Twenty of the units will be set aside for senior citizens experiencing homelessness. 811 Lexington will also offer residents on-site case management, counseling and peer support. Physical amenities will include a multi-purpose community room, laundry room, and planned roof garden with a patio and a terrace with a pergola for growing plants. Located on the site of the former Mars Fudge and Fruit Company building and parking lot, the development is within walking distance of public transit, supermarkets, pharmacies, health care facilities and the Brooklyn Broadway commercial corridor.
Hirschen Singer & Epstein represented the project developer IMPACCT Brooklyn in securing $29.1 million in construction financing, including a $20.3 million construction loan, $8.6 million in low-interest subordinate mortgage loans through the City of New York Department of Housing Preservation and Development (HPD) Senior Affordable Rental Apartments (SARA) program, and a $250,000 “Jump Start Loan” to cover brownfield remediation during the construction phase. An equity investment from Wincopin Circle LLLP and Enterprise Housing Credit Investments in connection with low income housing tax credits (LIHTCs) will provide an additional $14.6 million and and approximately $3.1 million will be generated from tax credit equity relating to the brownfield cleanup program and remediation actions. IMPACCT will contribute $734,000 in sponsor loans and developer equity. Hirschen Singer & Epstein also secured the deferral of the $3.7 million developer fee and negotiated a 99-year lease for parking with the ground lessor, who will be the ultimate parking area owner.
The targeted completion date for 811 Lexington Senior Residence is Fall 2023.
Developer: Pratt Area Community Council, Inc. d/b/a IMPACCT Brooklyn, a New York not-for-profit corporation
Architect: think! architecture and design pllc
Contractor: Procida Construction Corp.
Financing: TD Bank, N.A. / HPD / IMPACCT Brooklyn / Wincopin Circle LLLP / The Enterprise Community Group