Exact Capital Rehabs 19 Buildings in the Bronx
- Jul 18, 2019
Exact Capital, a New York City-based real estate development firm, has renovated and preserved 333 affordable housing units and four retail spaces in 19 buildings in four Bronx neighborhoods. The project was done in partnership with Bronx Shepherd Restoration Corp., a Bronx-based affordable housing non-profit.
Craig Livingston, managing partner of Exact Capital, noted the buildings are all sound housing stock and were well-suited for preservation. The buildings are located in the Soundview, Claremont Village, University Heights and Longwood neighborhoods and include 17 walkups and two elevator buildings ranging from two to seven stories. The renovations, estimated to cost about $9 million, included new roofs, boilers, repointing, refreshed common areas, new kitchens and upgraded bathrooms.
The project received a $12.4 million loan from TD Bank, a $12.5 million loan from NYC Employees’ Retirement System via the Community Preservation Corp., as well as a $4.3 million loan from the New York City Department of Housing Preservation and Development.
Harlem renovations completed
Exact Capital’s primary focus has been development and preservation projects in the five boroughs of New York City. In April, Exact Capital spent about $26 million renovating and preserving 650 affordable residential rental units and 25 stores in 29 buildings in Central Harlem. The buildings, with apartments ranging from one to five bedrooms, were located between 113th and 152nd streets. TD Bank and the NYC Department of Housing Preservation and Development also provided financing for those renovation projects, along with The Bank of New York Mellon and Merchants Bank.