Capital

We invest capital to create and preserve quality affordable homes for low- and moderate-income people. We reinvest revenues to develop programmatic solutions in coordination with public and private partners and scale these solutions through policy change. For more information on our capital work, please contact Victoria Rowe-Barreca or Daniel Magidson.

Enterprise has invested over $3.6 billion in equity, grants, and loans to community development projects in the New York region. Our capital work includes:


Vermilyea West
Ebenezer Plaza
Ebenezer Plaza
81 Madison
81 Madison
Beverly Place
Beverly Place
MLG Central Harlem
MLG Central Harlem
Serviam Complex
Serviam Complex
GMDC Ozone Park
GMDC Ozone Park
Industrial Center
Ascend Charter School
Ascend Charter School
Pleasant East
Pleasant East

Vermilyea West
Construction and Permanent Debt with NYCRS

Sponsor: Lemle & Wolff
Location: Inwood - Manhattan, NY
Impact: 3 buildings, 83 residential units
Total Development Cost: $16 million
Type: Preservation of multifamily affordable housing
Financing Partners: Enterprise Community Loan Fund, NYC HPD, NYCRS, SONYMA

Enterprise provided construction and permanent financing through a $2.5 million loan through the Participation Loan Program to rehabilitate 83 rent stabilized units across three buildings in Inwood. Enterprise originated permanent financing through the NYCERS PPAR/ SONYMA program. Long-term affordability was preserved for the entire building and deeper affordability was created through a set-aside of 8 residential units for formerly homeless individuals. Targeted energy efficiency systems upgrades achieved a reduction in total energy costs.


Ebenezer Plaza
Acquisition Loan

Sponsor: Procida Company, Brisa Builders Corporation, Church of God of East Flatbush
Location: Brownsville - Brooklyn, NY
Impact: 2 buildings, 531 residential units, community, commercial and church space
Total Development Cost: $170 million
Type: Joint venture for construction of affordable housing
Financing Partners: Enterprise Community Loan Fund, NYC Acquisition Fund, NYC HPD, NYC HDC, Brooklyn Borough President

Enterprise provided $12.5 million in acquisition and predevelopment financing to develop 531 units of affordable housing. The mixed-use development will include over 100 units for formerly homeless individuals and families, while also creating commercial space and 34,000 square feet of community and worship space for the Church of God of Flatbush, the property’s prior owner.


81 Madison Street
Permanent Debt

Sponsor: Asian Americans for Equality (AAFE)
Location: Chinatown - Manhattan, NY
Impact: 1 building, 20 residential units
Total Development Cost: $2.25 million
Type: Green preservation of multifamily affordable housing
Financing Partners: Enterprise Community Loan Fund, NYC HPD

Enterprise provided a $1.3 million 30-year loan to Asian Americans for Equality to preserve affordability and perform energy upgrades to a 117-year-old multifamily property in Chinatown. The renovation maintains the affordability and brings energy efficient upgrades to the building. This project was financed through NYC HPD’s Green Housing Preservation Program, which provides capital to finance energy efficiency and water conservation improvements to lower operating expenses and preserve safe, affordable housing.


Beverly’s Place
LIHTC

Sponsor: Community Counseling and Mediation Services
Location: Brownsville - Brooklyn, NY
Impact: 1 building, 72 residential units, on-site services
Total Development Cost: $36.3 million
Type: New construction of affordable housing
Financing Partners: Enterprise Community Loan Fund, Enterprise Community Investment, NYC HPD

Enterprise syndicated $26.5 million in LIHTC equity to finance the new construction of an affordable 72-unit building in Brownsville, Brooklyn. The building includes larger 2- and 3- bedroom units intended for families, and 43 units will be set aside for chronically homeless adults with mental illness. The development will include on-site services including mental health and substance abuse counseling by Community Counseling and Mediation Services, a Brooklyn-based organization who has served the community for 35 years.


MLG Project
LIHTC

Sponsor: Bronx Pro and Precise Management
Location: Central Harlem- Manhattan NY
Impact: 6 buildings, 125 residential units
Total Development Cost: $37.8 million
Type: Rehabilitation of multifamily affordable housing
Financing Partners: Enterprise Community Loan Fund, Enterprise Community Investment, NYC HPD

Enterprise syndicated $20 million in LIHTC equity to completely rehab 125 units across six buildings in close proximity in Central Harlem. All six buildings were acquired in poor condition and once renovation is complete, will include studio, 1-,2-,3- and 4- bedroom units reserved for families earning less than 60% AMI. This project is being developed by Precise Management, a certified M/WBE, and Bronx Pro, a longtime development partner.


Serviam Complex
Acquisition Loan and LIHTC

Sponsor: Fordham Bedford Housing Corporation (FBHC)
Location: Norwood - Bronx, NY
Impact: 4 buildings, 554 residential units
Total Development Cost: $200 million
Type: Rehabilitation and new construction of multifamily and senior affordable housing
Financing Partners: Enterprise Community Loan Fund, NYC Acquisition Fund, Enterprise Community Investment, Bellwether Enterprise, NYC HPD, NYC HDC

The Serviam Complex is a multi-phase development on the grounds of the Academy of Mount St. Ursula in the Bronx. The complex provides 440 units for seniors, as well as community gardens and community centers. Enterprise provided over $63 million in LIHTC equity for the complex and provided a $9 million acquisition loan to purchase land for the project’s fourth and final phase from the Ursuline Bedford Park Convent, on the site since 1855.


GMDC Ozone Park Industrial Center
New Markets Tax Credit and Debt

Sponsor: Greenpoint Manufacturing & Design Center (GMDC)
Location: Ozone Park - Queens, NY
Impact: 85,000 sq ft manufacturing center, 25 rental spaces
Total Development Cost: $40 million
Type: Rehabilitation of light manufacturing space
Financing Partners: Enterprise Community Loan Fund, Enterprise Community Investment, NYC Economic Development Corporation, Empire State Development, LISC

Enterprise provided a $8.7 million loan and allocated $10 million in New Markets Tax Credits in Enterprise’s second deal with GMDC, modernizing a 85,000 square foot warehouse into a multi-tenant, energy efficient manufacturing hub. This project was the first to win a grant through the Mayor’s Industrial Developer Fund. The hub provides below-market rate, long-term leases to 245 manufacturing businesses creating 80 skilled jobs and bringing a diverse range of manufacturers, metalworkers and woodworkers to southwestern Queens.


Ascend Charter Schools
Permanent Debt

Sponsor: Ascend Charter Schools
Location: Brownsville, Bushwick, Canarsie, East Flatbush - Brooklyn, NY
Impact: 5 buildings, 4,400 students
Total Development Cost: $14.9 million
Type: Rehabilitation of school buildings Financing Partners: Enterprise Community Loan Fund, Low Income Investment Fund Reinvestment Fund

Enterprise originated a $4.9 million permanent loan for five school buildings within the Ascend Charter School network in Brooklyn. This builds upon Enterprise’s previous investment in Ascend Charter Schools, with permanent debt for two other school buildings. Ascend Charter Schools, a high-performing and academically rigorous network of lower, middle and high schools, have proven successful in closing the racial achievement gap.


Pleasant East
Fannie Mae Green Rewards Loan

Sponsor: Mutual Housing Association of New York (MHANY)
Location: East Harlem - Manhattan, NY
Impact: 4 buildings, 111 residential units
Total Development Cost: $11.6 million
Type: Green preservation of multifamily affordable housing
Financing Partners: Bellwether Enterprise, NYC HPD, Fannie Mae

Bellwether Enterprise provided a $11.6 million Fannie Mae Green Rewards loan to refinance existing debt on four buildings in East Harlem. The loan provided capital for energy efficiency upgrades and renovations, which reduced gas, heat and electricity costs by 20% and improved quality of life for the original tenants. With an extended regulatory agreement and Section 8 rent subsidies for many of the buildings’ original tenants, the long-term affordability of these units will be protected.

 

 

Opp360 logo

For full access to our tools and resources, please provide the information below.

We use this data to better understand our users; we do not sell or share this data. By providing this information, you can expect to receive newsletters and other updates from Opportunity360.