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Citi Community Capital (Citi), Next Street, Carver Community Development Corporation and NCIF joined Jackson Development Group to announce the closing of permanent financing for 4469 Broadway. This recently-completed 8-story residential and commercial building is located at West 192nd Street and Broadway in the Washington Heights neighborhood of Upper Manhattan.
This new development consists of 85 units of affordable and workforce rental housing; a new home for a Columbia University-affiliated Head Start program that serves more than 300 young children; 8,500 sq ft of retail space occupied by Deals, a Dollar Tree Stores retail chain; a 60-space parking garage; and office space. An estimated 135 construction jobs were created, and the project is expected to lead to more than 100 permanent jobs.
“This project is an example of our continued commitment to improving New York’s neighborhoods by bringing in a combination of much needed affordable housing, retail and community services. Our financing partners did an excellent job of stepping up and putting their resources back into communities that they serve,” said Neil Weissman, principal, Jackson Development Group.
“My colleagues at Citi and I are excited to have played a role in financing this important project,” said William Yates, director, Citi Community Capital, “Faced with a tight deadline, the project sponsors and our financing partners truly came together and managed to close a very complex transaction. Our role in this project is emblematic of Citi’s commitment to lend and invest in the communities where we do business.”
Permanent financing for 4469 Broadway was structured through the New Markets Tax Credit Program, a federal initiative designed to spur new or higher investments in businesses and real estate projects located in low-income communities. Citi provided $10.2 million in equity and a 7-year $17 million leverage loan for the project.
“In today’s market, financing for mixed use development is extremely challenging, even more so when that project is located in lower income communities. Next Street is incredibly proud to have secured both senior leverage debt and tax equity to help our client rebuild this block of Washington Heights,” said Gloria Lee, Partner, Next Street, which served as advisor to Jackson Development Group.