L+M picks up Hamilton Heights complex

Developer reaches 40-year deal to keep the Section 8 apartments affordable

TRD New York /
Jan.January 30, 2018 11:20 AM

Dunwell Apartments and Ron Moelis

L+M Development Partners dished out $43 million for Dunwell Apartments, a 183-unit Section 8 apartment complex in Hamilton Heights, the developer told The Real Deal.

The developer also reached a 40-year agreement with the city’s Department of Housing Preservation and Development to keep the units affordable and pledged to upgrade building security, lighting and apartment interiors. A separate deal with the federal Department of Housing and Urban Development extends an existing four-year Section 8 agreement by 20 years, L+M said.

Metropolitan Realty Group is the seller, property records show.

No brokers were involved in the deal. Signature Bank is financing the acquisition with a five-year, $32.3 million mortgage at a fixed interest rate of 3.5 percent.

The 15-story property at 1920 Amsterdam Avenue sits at the corner of West 155th Street, across the street from the Church of Intercession.

Last year L+M won city council approval to build a 1,045-unit megaproject in the South Bronx. The firm, head by Ron Moelis, recently tried to buy another Metropolitan Realty-owned building at 1680 Madison Avenue in East Harlem, but the deal fell through.

L+M’s largest current project is Essex Crossing, a $1.5 billion mixed-use development in the Lower East Side, which the firm is building in partnership with Taconic Investment Partners, BFC Partners and Goldman Sachs Urban Investment Group. On Tuesday, the developers held a ribbon-cutting ceremony to open the project’s first completed building, a 99-unit affordable senior housing property at 175 Delancey Street.


Related Articles

arrow_forward_ios
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
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Mayor Bill de Blasio (Getty, iStock)

Developers fume over city plan to cut affordable housing spending

Developers fume over city plan to cut affordable housing spending
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

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

Loading...