Loan Type: Affordable & Supportive Housing
Total Development Cost: $3,099,248
Times Leveraged: 6.2x
Loan at a Glance:
The loan is PCG Capital's fourth loan with Leviticus Fund (Leviticus). Our total outstanding amount in participation with Leviticus is $2,950,000, or 7.35% of the outstanding portfolio.
Project Summary:
The 254-unit development in East Harlem will provide affordable and supportive housing for residents earning below 70% of the local AMI and chronically homeless individuals. The project will adapt the existing East Harlem Multiservice Center to be resilient against floods, provide enhanced office space for local nonprofit tenants, and feature an educational greenhouse, flexible event space, and a full-sized basketball court for local students.
Borrower Summary:
TCB, a nonprofit established in 1964, has developed over 33,000 affordable and mixed-income housing units. Approximately 80% of TCB’s portfolio is family rental apartments, with 20% set aside for seniors or persons with disabilities. TCB has completed similar developments. Leviticus has funded 11 prior loans to TCB.
Loan Result:
This loan will support the development of 254 affordable housing units in Harlem, a predominantly Black and Hispanic neighborhood in New York City, comprised of 5,866 families, with 67% of households earning less than 70% AMI. The development integrates active design principles through its walking paths and recreational and gardening shared spaces. The amenities will connect to a central atrium, creating an accessible community space for Beacon residents and residents of the nearby New York City Housing Authority Wagner House.