A JV between Douglaston Development and the Entertainment Community Fund closed on construction financing for a $125 million mixed-use affordable housing project in Manhattan's Hell's Kitchen. Called Rialto West, it's an eight-story, 140,000-square-foot development for low- and moderate- income residents that will have more than 5,500 square feet of cultural space. Construction is slated to begin this month.
The New York City Housing Development Corp. and NYC HPD provided a combined total of more than $106 million in senior recycled tax-exempt bond funded loans and subsidy loans.
Rialto West will deliver 158 permanently affordable housing units for households earning up to 140% of the area median income with 15% percent of the units will be dedicated to serving formerly homeless households.
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