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Developed by CAMBA Housing Ventures, Inc. (CHV), Clarkson Estates will deliver 328 units of permanently affordable and supportive homes to low-income and formerly homeless individuals and families in the Flatbush neighborhood of Brooklyn.
The $237.9 million development is part of New York State’s Vital Brooklyn initiative, an ongoing community development program targeting and investing in eight integrated areas, from healthcare to housing, establishing a new standard for addressing chronic economic and health disparities in Central Brooklyn’s underserved communities.
CAMBA, Inc. will provide onsite supportive services and programming available to all residents, including tailored case management. The Dr. Roy A. Hastick, Sr. Community Hub will span over over 30,000 square feet of community facility space, including a CAMBA Economic Development and Workforce Training Center, a CAMBA Health Homes and Screening Center, a CAMBA Adult Education and Financial Literacy Office, a CAMBA Small Business Incubator, a CAMBA CURE Violence Prevention and Mediation Center, a CAMBA Youth Education and Development Center, a CAMBA Food Pantry, a café, a childcare facility, and a full court basketball gym open to the community. Residents of the nine-story building will also have access to 15,000 square feet of parking.
The 328 units of affordable and supportive housing will be a mix of studios, one-, two-, and three-bedroom units at 30%, 40%, 50%, and 70% area median income (AMI), with 50% of the units (164 units) set aside for formerly homeless populations, including youth aging out of foster care, formerly incarcerated individuals, formerly homeless young adults, and formerly homeless families. There will be one unit for a live-in superintendent.
Financing for Clarkson Estates includes $104.8 million in New York State Housing Finance Agency Private Activity Bonds, enhanced by a $105.6 million direct-pay Letter of Credit provided by the Urban Investment Group within Goldman Sachs Asset Management. Goldman Sachs Asset Management additionally provided $101 million in equity generated by Federal Low-Income Housing Tax Credits (LIHTC), syndicated by CREA, LLC, an affordable housing tax credit syndicator. New York State Homes and Community Renewal (NYS HCR) has issued $77 million in subsidy which includes $2.5 million from the Clean Energy Initiative and $13.6 million from the Federal Housing Trust Fund. The New York State Office of Temporary and Disability Assistance is providing $10 million through the Homeless Housing Assistance Program, and Empire State Supportive Housing Initiative is providing rental and service subsidies for the 164 supportive units. The Federal Home Loan Bank of New York Affordable Housing Program is providing $2.5 million in support. HSE served as deal counsel.
Clarkson Estates will incorporate a brick and metal panel contextual design and feature a double-height lobby at both the residential and community facility entrances with plentiful access to natural light throughout the common spaces.
A transit-oriented development, Clarkson Estates will be built built to attain a rigorous, quantifiable level of energy efficiency. The project will pursue Passive House certification, will include a photovoltaic solar array ready option, and has received funding through HCR’s Clean Energy Initiative. These sustainability measures achieve lower operating expenses, reduce the impact on natural resources, and provide healthier buildings for the residents and neighborhood.
The site was formerly owned by The Health Science Center at Brooklyn Foundation, Inc. and used as a parking lot for SUNY Downstate Medical Center.
Developer: CAMBA Housing Ventures, Inc. (CHV)
Contractor: Bruno Frustaci Contracting
Number of Units: 328
Financing: HFA/HCR/OTDA/Goldman Sachs Asset Management/Federal Home Loan Bank of New York/Empire State Supportive Housing Initiative