Merchants Capital Leads $66M Risk-Share Loan for UWS Affordable Housing Property
By Mack Burke March 6, 2020 12:46 pm
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Merchants Capital, working with Freddie Mac (FMCC) and the New York City Housing Development Corporation (HDC), has provided a $66 million permanent, risk-share loan on Goddard Riverside Community Center‘s affordable housing property in the Upper West Side, Commercial Observer has learned.
The financing will support a 20-year extension and preservation of the Section-8 housing affordability at Phelps House, a 169-unit multifamily building that provides an affordable option for seniors and people who have mobility impairments and disabilities, according to Goddard’s website. The proceeds will also go toward capital improvements such as plumbing renovation and accessibility upgrades.
“The Phelps House transaction exemplifies the type of mission-driven preservation of affordable housing that we love to be a part of,” Merchants Capital vice chairman Mathew Wambua said in a prepared statement. “We are grateful to Goddard for their vision and commitment to community, and we are deeply appreciative to HDC, Housing Preservation & Development, Freddie Mac, and Rockabill Consulting for their partnership.”
Acting as somewhat of an extension to the community center’s offices and senior center at 595 Columbus Avenue — between West 88th and West 89th Streets — the 12-story, 140,000-square-foot property is set up as independent living residence with a variety of supportive services, and includes one- and two-bedroom apartments. The property’s onsite staff provides management, administrative and supportive work, including referrals for health and legal services as well as for financial management, according to the property’s website. The building also offers recreational programs for residents.
“Goddard Riverside’s goal is to invest in people and strengthen the community, and older adults are a key part of that picture,” Goddard executive director, Roderick Jones said in prepared remarks. “Goddard will be able to continue providing high-quality housing at an affordable price for them … The new resources will allow Goddard to enhance efforts to ensure those most in need are helped.”
Goddard offers a suite of programs such as early childhood education and after-school programs and outreach to assist those living with mental illness and homelessness. It provides more 540 units of housing in the city with on-site supportive services.
