The Real Deal New York

Developer secures $50M loan for 438-unit Brooklyn housing complex

Prudential Mortgage, Freddie Mac provide financing for Rutland Road Houses
February 29, 2016 11:45AM

Developer William R. Lucas Realty Services secured $49.5 million in financing from Prudential Mortgage Capital Company and Freddie Mac for the 438-unit Rutland Road Houses in Brownsville.

The developer got the funding through both public and private sources, in an effort to preserve the affordability of the former Mitchell-Lama Housing complex at 60 East 93rd Street.

The New York State Housing Finance Agency will also issue bonds to help finance the deal.

Of the $49.5 million, $12.6 million will fund acquisition costs, $23.6 million will go toward building loan costs, and $13.3 million toward project loan costs, the New York Observer reported.

Gov. Andrew Cuomo announced the agreement to keep the complex affordable, the Observer reported. [NYO]Dusica Sue Malesevic