Photo credit; Justin Bautista on Unsplash
NEW YORK CITY—Exact Capital rehabilitated 333 affordable, residential rental units and four retail spaces in 19 buildings across the Bronx. The real estate firm with Bronx Shepherd Restoration Corporation renovated properties in the Soundview, Claremont Village, University Heights and Longwood neighborhoods.
The assets included 17 walkups and two elevator buildings, ranging from two to seven stories. Totaling $9 million, the improvements included new roofs, boilers, repointing, refreshed common areas, new kitchens and upgraded bathrooms.
“We are proud of our role rehabilitating and preserving much-needed affordable housing in the Bronx,” says Craig Livingston, managing partner of Exact Capital. “These buildings are sound housing stock, well-suited for preservation.”
Financing received for the acquisition of the multisite property totaled $47.5 million. TD Bank provided $12.5 million. The New York City Department of Housing Preservation and Development contributed $22.5 million. Plus, another $12.5 million came from the New York City Employee's Retirement System through the Community Preservation Corporation.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
