X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In its first acquisition here, affordable housing REIT Community Development Trust has partnered with Proto Property Services to purchase and rehabilitate the 360-unit Ocean Towers apartment complex in Brooklyn’s Coney Island neighborhood. The 19-story multifamily property was built in 1973 as part of the state’s Mitchell-Lama program.

The partners secured a $35-million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. They’re also putting in $10 million of equity toward buying and rehabilitating the property, located in an area that was hit particularly hard by Superstorm Sandy seven months ago. Long-term financing will be provided by the Community Preservation Corp., which has issued a commitment for a $35-million, 30-year mortgage insured by the State of New York Mortgage Agency and funded by the New York City Employees Retirement System.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.