$400,000 Predevelopment Loan with First-Time NC customer FAC
NeighborWorks Capital closed a $400,000 predevelopment loan with Fifth Avenue Committee (FAC) in March 2019. Our loan will give FAC additional funds to complete the design and construction loan closing (when we will be repaid) for 6309 Fourth Avenue, creating 84 affordable apartments for low-income seniors in Sunset Park, Brooklyn. FAC has secured financing commitments from NYC HPD, TD Bank, Hudson Housing Capital, and CPC for the $58 million project.
FAC will demolish a vacant church and school and integrate two rowhouses next door into a new 9-story building. Two floors of the new building will be dedicated to services - senior services provided by the Bay Ridge Center and five pre-K classrooms that will be leased by the NYC Dept of Education. The project will include 26 apartments reserved for formerly homeless seniors, and five apartments will be adapted for seniors with hearing and/or visual impairments.