L+M and partners close pair of Harlem affordable housing deals

Ron Moelis’ firm buys controlling stake in 315 East 103rd Street, 330 East 104th Street

TRD New York /
Feb.February 07, 2018 07:00 AM

315 East 103rd Street/330 East 104th Street and Ron Moelis

Ron Moelis’ L+M Development Partners closed on a 100-unit affordable housing deal in East Harlem.

The real estate investment firm and its partner, Settlement Housing Fund, recently bought a controlling interest in a 100-unit apartment complex at 315 East 103rd Street and 330 East 104th Street in a deal that valued the property at $20 million, L+M said. The buyers simultaneously extended a current affordability agreement with the city’s Housing Development Corporation by 15 years, until 2060.

In a separate deal, L+M and its joint-venture partner Manhattan Valley Development Corporation refinanced two affordable apartment buildings at 12-22 West 109th Street and 133 West 104th Street with a $16 million mortgage from Citi Community Capital.

L+M bought a 90 percent stake in the Section 8 properties for $48.6 million in January 2017, signed a 40-year affordability agreement with the Department of Housing Preservation and Development and spent $4.1 million on capital improvements.

L+M runs a housing preservation fund with the stated mission “to acquire and rehabilitate properties at risk of becoming unaffordable to low-to-moderate-income households.”

The company recently bought the Dunwell Apartments Section 8 complex in Hamilton Heights for $43 million.


Related Articles

arrow_forward_ios
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
arrow_forward_ios

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

Loading...