Love Funding, one of the nation’s leading providers of FHA multifamily, affordable, and healthcare financing, is pleased to announce the closing of a $9.1 million loan for the refinancing of JASA’s Scheuer House of Coney Island. Scheuer House is an affordable senior housing property in Brooklyn, New York.
Laura Saull-Smith, Senior Director of Love Funding, secured the loan through the U.S. Department of Housing and Urban Development (HUD)’s 223(f) program. This program enabled the borrower, JASA, to preserve rent-subsidized units at the property, fund more than $4.8M in repairs and reserves, provide additional equity to use for future projects and move to 35-year non-recourse debt at a historically low, fixed interest rate.
According to JASA’s Director of Housing Donald Manning, “Affordable housing demands in the New York City area far exceed the existing supply. All of our buildings have waitlists because JASA has a reputation for providing high-quality, affordable and secure housing for older adults and disabled individuals in prime locations.”
JASA’s Scheuer House of Coney Island property offers 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Situated in a high-rise on 1.3 acres of property, the building is in walking distance to the Coney Island boardwalk, amusement park, and iconic Nathan’s hotdog stand.
The new loan enables JASA to make quality improvements and repairs to the 40+ year old building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. The additional equity funds also allow JASA to explore opportunities to build more affordable housing and senior communities throughout the New York Metropolitan area.
The project received widespread support from the community, including HUD, the New York State Division of Housing and Community Renewal and the New York State Housing Finance Agency. According to Saull-Smith, “Love Funding coordinated the financing with unprecedented support from all three agencies, due in large part to everyone’s recognition of the importance of providing quality affordable housing and in support of the critical work being carried out by JASA.”
Manning added, “Love Funding helped guide us through the complicated HUD process every step of the way. Laura Saull-Smith and her team navigated the complex affordable refinance transactions with proficiency and ease. ”
For more information, contact Laura Saull-Smith at 202-887-1851.