SKA Marin scores $60M loan to build
East Harlem affordable housing project

City’s Housing Development Corporation provided the financing

New York /
May.May 16, 2017 12:20 PM

SKA Marin locked down $59.7 million in financing from the New York City Housing Development Corporation for a 16-story affordable housing project in East Harlem, according to property records filed with the city Tuesday.

The funding is spread across six mortgages ranging from $30.5 million to $2 million, the documents show.

The affordable housing developer, founded by Sydelle Knepper, is constructing two buildings on the East River, including the 16-story building at 1912 First Avenue with 152 affordable housing units across 131,316 square feet. Knepper told The Real Deal the building will feature studios up to three-bedrooms.

That building is next door to Draper Hall, a former dormitory at 1918 First Avenue that the company converted into a 14-story, 202-unit building for seniors. Residents are set to move in this spring.

SKA Marin also built 175 rental apartments nearby at 301 East 99th Street, which is reserved for people with chronic disabilities.

A representative for the HDC could not be immediately reached for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...