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New York

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

Prudential Mortgage, Freddie Mac provide financing for Rutland Road Houses

60 East 93rd Street in Brooklyn
60 East 93rd Street in Brooklyn

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.

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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

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Mitchell Lama