TARRYTOWN, NY (03/3/21) – The Leviticus Fund recently closed on a $1 million pre-development loan to The Community Builders (TCB) to support the cost of a 98,000 square foot building near the Downtown Far Rockaway neighborhood in Queens. The eight-story building at Ocean Crest Boulevard and Bay 32nd Street will feature:
- 22 studio apartments, 50 one-bedroom units, 34 two-bedroom units, and 14 three-bedroom units;
- 18 units reserved for “Our Space” – households transitioning from NYC’s homeless shelters into permanent housing; and
- 60% of the units reserved for households at or below 60% Area Median Income (AMI) and 40% available to households earning 80-100% AMI.
- Resident amenities, including a landscaped rooftop terrace overlooking Jamaica Bay, a community room with access to the terrace, a fitness room, and on-site laundry; and
- Parking garage accommodations for approximately 32 vehicles with bicycle storage.
The building has been designed to achieve Enterprise Green Communities certification, and total project cost is expected to top $54 million.
The project site is well connected to mass transit, less than a mile from the Rockaway beaches, and within 2.5 miles of JFK International Airport. Residents will have easy access to grocery stores and restaurants, and the site is just a block from Rockaway High School and Challenge Preparatory Charter School.
“TCB tackles large, complex projects that transform communities,” said Greg Maher, Executive Director of the Leviticus Fund. “Our loans – made to TCB at the riskier, front end of their projects – fill a critical gap. We deeply value the opportunity to support their work, which creates stable homes for individuals with significant challenges.”
The Leviticus Fund offers loans with flexible terms and fixed, low interest rates. They do not charge a closing fee, a prepayment fee, or a lender legal fee. The law firm of Hunton Andrews Kurth LLP provided pro bono legal assistance.
The fund has made 10 loans to TCB for projects in the NYC area, New Jersey, and upstate New York. Six of these have been repaid, including a $1.2 million loan for Beach 21st Street in Far Rockaway, which when completed will offer 224 affordable and moderate-income apartments. This loan closed in December 2018 and repaid in December 2019.
According to Jesse Batus, Senior Project Manager for The Community Builders, “TCB is so grateful to continue our strong partnership with the Leviticus Fund in Far Rockaway. Leviticus Fund’s willingness to make early investments in projects when they are just a vision is unmatched.”
“The Far Rockaway community is in critical need of affordable and supportive housing and this 120-unit building will be a welcome addition to the district,” said NYS Senator James Sanders, Jr. (D-Queens). “We welcome the efforts of the Community Builders, as well as the support of the Leviticus Fund.”