COMMUNITY AND ELECTED OFFICIALS CELEBRATE PRESERVATION OF AFFORDABLE SENIOR HOUSING IN BROOKLYN
Friday, July 30, 2010
FOR IMMEDIATE RELEASE
COMMUNITY AND ELECTED OFFICIALS CELEBRATE PRESERVATION OF AFFORDABLE SENIOR HOUSING IN BROOKLYN
July 30, 2010, Brooklyn, NY…Over 200 special guests, including residents, state housing officers and elected officials, joined together at Lutheran's Shore Hill Housing complex to celebrate the preservation of 558 units of affordable senior housing in Brooklyn.
Shore Hill recently underwent an 18-month, $16 million full-scale rehabilitation project that included building operating systems, fixtures, HVAC, electric, plumbing, concrete, doors, windows, landscaping and more. "This was a significant undertaking that would not have been possible without the partners involved," said Wendy Z. Goldstein, president and CEO, Lutheran HealthCare. "It not only helped to preserve senior housing units and repair an aging building, but it also helped to improve the quality of life for our tenants."
The Shore Hill rehabilitation project represents a successful and unique partnership between government, private and non-profit organizations. The development and financial advisory firm, Rockabill Advisors, was instrumental in structuring the overall strategy to preserve the much-needed affordable housing site. The N.Y.S. Housing Finance Agency issued the bonds used to finance the project; JP Morgan Chase Bank, N.A., provided the credit enhancement on the bonds during construction; WNC & Associates, Inc., purchased the tax credits generated by the project while the N.Y.S. Division of Housing and Community Renewal approved the restructuring and allowed the project to move forward. Other partners included Wachovia Multifamily Capital, Inc., who provided the long-term credit enhancement, Newman Design as the project architect, legal representation from Hirschen Singer & Epstein, LLP, and finally Notias Construction, the project's construction contractor.
The ribbon cutting ceremony featured speeches from Councilman Vincent Gentile and Assemblywoman Janele Hyer-Spencer, as well as remarks from Wendy Z. Goldstein, president and CEO, Lutheran HealthCare, and representatives from partnering agencies including New York State Housing Finance Agency, JP Morgan Chase Bank, WNC & Associates, and the New York State Division of Housing and Community Renewal
"'nyhomes' is committed to preserving and improving affordable rental housing for the senior citizens of New York State," said Marian Zucker, executive vice president of the N.Y.S. Housing Finance Agency, an affiliate of "nyhomes." "We are proud to work with Lutheran Health Care and its partners on this financing to preserve Shore Hill as affordable housing for the foreseeable future."
Shore Hill Housing in Bay Ridge has been in operation since 1977 with 558 rent-subsidized units for the elderly and disabled. The complex includes a full-time manager, administrative staff, social service staff, resident director of maintenance, maintenance staff and 24-hour security.
(from left to right) John Crane, director, Senior Housing, Shore Hill Housing, LHC; Councilman Vincent J. Gentile; Myles Davis, senior vice president, Corporate Services, LHC; Claudia Caine, COO, LHC; Assemblywoman Janele Hyer-Spencer; Larry K. McReynolds, executive vice president, LFHC; Rick Langfelder, CFO, LHC; Scott Schmid, vice president, JP Morgan Chase Bank; Niall Murray, president, Rockabill Advisors, LLC; Tim Henzy, managing director, Rockabill Advisors, LLC; Wendy Z. Goldstein, president and CEO, LHC; Brian Newman, architect, Newman Design Group; Leonard Gruenfeld, senior underwriter, N.Y.S. Housing Finance Authority; Marian Zucker, executive vice president, N.Y.S. Housing Finance Authority; Roger Harry, senior program manager, Housing Preservation and Policy, N.Y.S. Housing Finance Authority.
« Back to Press Release Archive
