Enterprise Community Investment, Inc. Closes Financing for Condo and Loft Developments in Harlem
High Impact Investments Contribute to Community Revitalization
Columbia, Md. (July 11, 2006) – Enterprise Community Investment, Inc. (Enterprise) announced today the closings of mezzanine loans to help finance the new construction of two developments located in the Central Harlem neighborhood in Manhattan, New York.
Through the ESIC Community Development Fund I, Enterprise's mezzanine financing program supports developers who help revitalize blighted communities, by providing equity gap financing for market-rate multifamily projects with a moderate income component. Senior Vice President Joe Wesolowski said, "We are excited to be part of these development efforts, which contribute to the renaissance of Harlem. Most importantly, we are thrilled to help create mixed-income home ownership opportunities in this historic neighborhood. By providing an important piece of the financing for these properties, we are helping transform once-vacant lots into thriving community assets." Enterprise brings over 20 years of real estate finance expertise and a full range of community development products and services to help revitalize and sustain communities nationwide.
Enterprise provided a $1.65 million mezzanine loan to POKO Partners, LLC, for the West 115th Lofts development, which will help build two seven-story, loft-style buildings comprising 36 condominiums, exercise space and laundry facilities. While most of the units will be priced at market rates, 20 percent of the units will be affordable to moderate income households.
The Strivers West Condominiums, developed by BRP Development Corporation, received a $1.1 million mezzanine loan from Enterprise to finance the construction of an eight-story building, which includes 20 condominiums, retail space and a community facility on the first floor. Residents will also enjoy an outdoor terrace on the second floor. As a mixed-income development, Strivers West will offer the majority of the units at market rates, with 20 percent of the units targeted to moderate income households.
Both West 115th Lofts and Strivers West Condominiums are urban infill projects, utilizing land acquired at subsidized prices through the City of New York's Cornerstone Program. This program is administered by the Department of Housing Preservation and Development, which supports the development of mid-rise buildings on city-owned land, with a preference for developments that provide more than the required amount of affordably priced housing units.
These transactions follow Enterprise's financing of The Dwyer, an adaptive reuse of a historic warehouse on St. Nicholas Avenue in Harlem. The Dwyer will result in 51 market rate units, five thousand square feet of commercial space and a seven thousand square foot cultural arts space. Units are scheduled for delivery in 2007.
These investments create and encourage mixed-income development as well as greater access to housing and homeownership opportunities, supporting Enterprise's mission to help transform neighborhoods nationwide.
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. For over two decades, Enterprise has privately raised $7 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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