This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Citi And Next Street Structure New Markets Tax Credit Transaction To Finance 4469 Broadway, A Mixed Use Development

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs