YONKERS-Ground has broken on a $17-million senior housing project at 185 Riverdale Ave. here. Saint Joseph's Medical Center of Yonkers and Cottage International Development Group of Yonkers are jointly developing the project called Riverdale Senior Housing. Community Preservation Corp. is providing $8 million in construction financing for the venture.
The project, being built on a former industrial site, will feature 82 one-bedroom apartments in an eight-story 75,600-sf building. Riverdale Senior Housing will include community rooms, office space, laundry facilities and parking. Monthly rents, which include heat, hot water and parking, will range from $850 to $1,300, officials with the developer noted.
Yonkers Mayor Philip Amicone said of the project's launch, "This project will be a great addition to downtown Yonkers. It will provide good quality housing to our growing senior population, in an area that is convenient to the residents for shopping and transportation.
No construction timetable on when the development would be completed was released. In addition to providing the construction financing, CPC will also arrange for a permanent loan, which will be sold to the New York State Common Retirement Fund and insured by the State of New York Mortgage Agency, CPC officials said.
The City of Yonkers is providing additional financing of $200,000. The project will also receive an allocation of low-income tax credits from the New York State Division of Housing and Community Renewal that will provide more than $9 million in equity financing.
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