The Real Deal New York

Housing nonprofit lands $73M loan for Queens senior housing complex

HDC provided the financing for Fifth Avenue Committee
By Christian Bautista | July 10, 2018 03:43PM

161-11 132nd Avenue (Credit: Google Maps)

Nonprofit group Fifth Avenue Committee secured a $73.1 million loan for a planned senior housing complex in the Springfield Gardens section of Queens.

The property, at 161-11 132nd Avenue, will be the future site of a 145,800-square-foot residential complex. Plans for the site, which were filed last March, called for a 10-story building with 159 apartments. The development ranked as one of the largest real estate projects in the city last March.

The lender is the city’s Housing Development Corporation, according to documents filed with the Department of Finance today. The HDC is financing the project through tax-exempt bonds. The largest piece in the package is a $42.1 million first building loan. Wells Fargo will be servicing the loan.

The planned structure will be constructed right next to the existing Northeastern Towers, which stands 12 stories. The buiding, designed by SMA Architecture, has been earmarked for low-income, formerly homeless seniors. It is expected to be complete by June 2020.

Fifth Avenue Committee primarily operates in Park Slope and South Brooklyn. Its affordable housing projects include the Atlantic Terrace at 212 South Oxford Street in Fort Greene and 575 Fifth Avenue in Park Slope, according to its website.

The Fifth Avenue Committee and HDC did not immediately respond to requests for comment.