Fleet Real Estate Finance Group, a unit of Fleet National Bank, provided a $12.2 million letter of credit to the New York City Housing Development Corporation to secure the tax-exempt bond financing provided to the developer, Clinton Association for a Renewed Environment (CARE), to fund the the project, which carries a total development cost of $21 million. Fleet's financing supports HDC's issuance of tax-exempt bonds for construction and project financing.
The 11-story building will feature 96 one- and two-bedroom units and 4,020 sf of ground floor retail space. It is designed by Ting and Li Architects is being constructed by Monadnock Construction. The first units are expected to be ready for occupancy by spring 2005. "This first-of-its-kind development maximizes the creation of low-income, quality housing in Manhattan," says Philip Grossman, executive vice president and market manager, Community Real Estate Finance at Fleet. "Our participation in these types of projects supports our commitment to preserving the integrity of our inner city and low- to moderate-income neighborhoods." CARE is a community-based, nonprofit housing agency formed in 1987 committed to developing affordable housing in the Clinton neighborhood of Manhattan. CARE currently owns and manages five low-income housing projects providing nearly 200 units of housing. Since 1998, Fleet has provided nearly $1 billion in financing resulting in over 15,000 units of affordable housing and over one million sf of commercial space in metro New York City.
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