LIHC, Rockport Land $65M for Manhattan Refi

The loan will go towards renovations at the 224-unit Renwick Garden Apartments in the Kips Bay neighborhood.
Renwick Gardens Apartments. Image courtesy of LIHC Investment Group and Rockport Mortgage Group

LIHC Investment Group and Rockport Mortgage Corp. have closed a $65 million FHA Section 223(f) refinancing loan for Renwick Garden Apartments in the Kips Bay neighborhood of Manhattan. The property is a single building owned by LIHC at 332 E. 29th St. with 224 subsidized units that house many elderly and disabled tenants.

The building has a project-based Section 8 contract and LIHC and the U.S. Department of Housing and Urban Development agreed to enter into a new 20-year Mark-up-to-Market Section 8 contract extending the affordability of the property for another 29 years through 2049. The funding will be used to make repairs, including renovating bathrooms in all the units and upgrading the common areas. Building amenities include onsite parking, high-speed internet, laundry facilities and wheelchair-accessible rooms.

Renwick Gardens offers tenants direct access to services, amenities and facilities including the nearby NYU Langone Medical Center and Bellevue Hospital. There are also several restaurants, retail stores, pharmacies and houses of worship within a few blocks. Kips Bay is a desirable neighborhood with easy access to subways and buses, employment, cultural and educational opportunities.

So far this year, Rockport has provided financing for several other LIHC-owned properties, including a $42.5 million FHA 223(f) multifamily loan for Malcolm Towers in Fort Lee, N.J.; a $24 million FHA 223(f) multifamily loan for Verona Senior Citizens Apartments in Verona, N.J.; and a $27 million FHA 223(f) multifamily loan for Mansion Apartments in Pine Hill, N.J.

More Deals

In April, LIHC and Rockport closed on a $74 million refinancing of Little Italy Restaurant Apartments, a 152-unit multifamily property at 21 Spring St., also through a FHA 223(f) loan. The financing will also be used for bathroom renovations and other quality of life upgrades at the building, which is home to many senior citizens.

In March, Rockport provided a $38.6 million FHA 223(f) for the refinancing of Union Street Houses, a 119-unit affordable community in Brooklyn, N.Y., owned by Metropolitan Group.