NY Senior Housing Community Lands $17M Refi
Finian Sullivan Corp. will use the proceeds to pay off the property’s debt, fund renovations and preserve its affordability.
Finian Sullivan Corp. has received a $16.9 million loan for the refinancing of Monastery Manor, a 147-unit fully affordable and age-restricted community in Yonkers, N.Y.
Rockabill secured the financing and BWE provided the Fannie Mae loan. BWE’s Executive Vice President Jim Gillespie and Vice President Ilya Weinstein originated the loan.
The financing also includes the extension of the community’s existing PILOT agreement with the Yonkers Industrial Development Agency. The proceeds will be used to pay off the property’s existing debt, preserve its affordability and fund renovations.
Monastery Manor serves seniors over the age of 62, earning up to 50 percent of the area median income. Due to the community’s affordability protections, the tenants provide up to 30 percent of their adjusted annual income toward rent.
Completed in 1982, the seven-story building incorporates one-bedroom apartments averaging 525 square feet. Common-area amenities include a library, a community garden, two elevators, laundry facilities, controlled access and approximately 60 parking spaces. Monastery Manor also features 1,200 square feet of retail space on the ground floor.
Located at 2 Father Finian Sullivan Drive, the property is in an Opportunity Zone within the White Plains submarket. Monastery Manor is near public transportation and Route 9, which provides direct access to downtown New York City.
Rockabill Development and Johnson Park Center have recently begun construction on Johnson Park Green Community Apartments, a 62-unit affordable community in the Cornhill-Johnson Park neighborhood of Utica, N.Y. The $28 million project will feature 31 units with supportive services.