When St. Nicks Alliance faced a time-sensitive financing need to support the construction of a new affordable housing project for seniors, the Leviticus Fund was the most viable option.
The over $6.6 million acquisition loan is the largest loan we have originated to date. Leviticus is the lead lender with $2.6 million in financing, and our staff secured two additional nonprofit lenders as participants – Capital Impact Partners and Partners for the Common Good.
Brooklyn-based St. Nicks Alliance was founded in 1975 as the St. Nicholas Neighborhood Preservation Corporation when parishioners of St. Nicholas Roman Catholic Church responded to help their neighbors after a fire destroyed a row of homes on Powers Street. Today, the nonprofit serves approximately 17,000 people through a variety of housing, daycare and youth, elder care, and workforce development services. It has developed 2,600 affordable housing units since its founding.
St. Nicks Alliance used the $6.6 million loan to acquire a vacant, three-story property, pictured above, on Grand Street in Williamsburg, Brooklyn that was built in 1925 and was last operated by Chase Bank as a retail branch. The organization plans to develop a new 14-story residential building on the property that will provide over 200 affordable housing apartments for seniors. The new facility will be located adjacent to another St. Nicks Alliance senior housing project, the 150-unit Jennings Hall, and will share its amenities with Jennings Hall’s residents.
For large transactions like this one, developers typically seek financing through the New York City Acquisition Fund, an independent financial intermediary that has invested more than $533 million in affordable housing developments since its launch in 2006. However, during the height of the COVID-19 pandemic, the fund temporarily restricted its lending activities, which is why St. Nicks Alliance sought assistance from Leviticus. Mindful of their long track record of transforming the lives of low- and moderate-income people in its community, we were happy to support their newest project.