Citizens Bank Makes $39M Refi for Queens Affordable Housing Portfolio
Former HPD officials John Warren of Workforce Housing Group and Margy Brown of Urban Homestead Assistance Board signed the loan documents
By Brian Pascus August 15, 2024 3:07 pm
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Nonprofit Urban Homestead Assistance Board and its partner, Workforce Housing Group, have secured $39 million to refinance five affordable housing buildings in Far Rockaway, Queens.
Citizens Bank provided the financing, which was broken up into four loans: a $17.1 million senior loan, a $15.4 million subordinate loan, and two smaller loans of $4.5 million and $1.9 million, respectively, according to New York City property records.
The loans were secured by the UHAB Housing Development Fund Corporation, WFHA Rockaway Holdings, and J. Curbed Residential, a pair of entities formed under the umbrella of Workforce Housing Group.
The five properties are located at 22-29 Dix Avenue, 22-37 Dix Avenue, 22-45 Dix Avenue, 22-51 Dix Avenue and 22-59 Dix Avenue. All five were built in 1998, stand between three- and four-stories tall, and hold a combined 130 units.
John Warren, co-founder of Workforce Housing Group, is one of the signatories, while Margy Brown, president of UHAB, is the second signatory on the loan documents.
Workforce Housing Group’s website states the company’s mission is to team with for-profit and nonprofit developers, along with government agencies, “to execute redevelopment plans to ensure that our properties are affordable and well maintained far into the future.”
Warren spent 20 years as a top official at the New York City Department of Housing Preservation and Development (HPD), where he oversaw more than 60,000 affordable housing units within the agency’s Mitchell Lama and Asset Management portfolio over a 10 year period, according to his biography. He was the first deputy commissioner of HPD for seven years.
Warren also serves as the board chair for UHAB.
Founded during the height of the 1970s fiscal crisis, UHAB is a New York City nonprofit that aimed to give tenants financial and organizational support to “fix their buildings when landlords and the government would not,” according to the group’s website.
The nonprofit focuses exclusively on affordable housing ownership services, affordable housing loans and affordable cooperative development.
Brown joined UHAB as executive director rin January 2023, following 22 years at HPD, where she attained the title of associate commissioner.
“ For residents of the Dix Ave apartments it represents a new beginning, one that will provide safe, clean affordable housing for the next 30-plus years,” said John Crotty, a spokesperson at Workforce Housing Group. “Like all meaningful endeavors, it’s a team effort and we were fortunate to work with some of the best on this project.”
Brian Pascus can be reached at bpascus@commercialobserver.com.
