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JV Secures Financing for Hell’s Kitchen Affordable Housing Project

A JV between Douglaston Development and the Entertainment Community Fund closed on construction financing for a $125 million mixed-use affordable housing project in Manhattan’s Hell’s Kitchen. Called Rialto West, it’s an eight-story, 140,000-square-foot development for low- and moderate- income residents that will have more than 5,500 square feet of cultural space. Construction is slated to begin this month.

The New York City Housing Development Corp. and NYC HPD provided a combined total of more than $106 million in senior recycled tax-exempt bond funded loans and subsidy loans.

Rialto West will deliver 158 permanently affordable housing units for households earning up to 140% of the area median income with 15% percent of the units will be dedicated to serving formerly homeless households.

Net Lease Spring

Held April 16-17 in NYC, Net Lease Spring will bring together hundreds of dealmakers from the nation’s top firms. This year’s program will feature 5.5 hours of face-to-face networking and over 5 hours of content focused on micro and macro trends for 2024, being resilient through market volatility, how to serve your corporate tenant clients and much more! Learn more or register here.

Multifamily Spring 

Multifamily Spring is coming to New York City this April 18. This year’s program will bring together the industry's most influential and knowledgeable real estate executives from the multifamily sector for 5 hours of face-to-face networking and over 5.5 hours of can’t miss sessions. Learn more or register here
Reprinted with permission from the Mon, 26 Feb 2024 04:38:39 EST online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.