September 20, 2016
New York, NY. A team from Nixon Peabody, led by partner Aaron Yowell, recently closed a multifaceted financing for an ambitious supportive housing project in Coney Island, Brooklyn. The $69 million dollar project, located a block from the boardwalk, is being developed by a joint venture between Concern for Independent Living, Inc., and Georgica Green Ventures LLC, and financed by tax-exempt bonds issued by the New York State Housing Finance Agency with credit enhancement from Bank of New York, a subsidy loan from the New York City Department of Housing Preservation and Development, debt service and capital support from the New York State Office of Mental Health, construction financing from Homeless Housing and Assistance Program, and tax credit equity syndicated by the National Equity Fund, as well as a grant from NYSERDA. The project is also receiving an inclusionary housing bonus. The 134 units in the project will be affordable to families earning at our below 60% of area median income. 82 units will be set aside for formerly homeless families and veterans. Betts Housing Consultants advised the joint venture. The Nixon Peabody team included Deborah VanAmerongen, Dana Roper, Darren Miller and Amy Plowman.