Pacific Park got a new low-income investor last year

535 Carlton has new backing

535 Carlton Avenue
535 Carlton Avenue

Pacific Park’s 535 Carlton got a new investor last year.

The 298-unit building was developed by two entities, one in charge of the moderate- and middle-income units and another in charge of the 90 low-income units. The latter, the “Affordable Owner,” was taken over by a new “Investment Member” in July 2017, the Atlantic Yards/Pacific Park Report reported, citing a document from property records. That new investment member is called the U.S.A. Institutional 80-20 Tax Credit Fund VIII LP, an entity owned by an affiliate of the Richman Group and Tandem CDE, a subsidiary of Signature Bank that specializes in transactions involving the low-income housing tax credits.

The new investment member is making a capital contribution to pay back a $23.7 million loan that was provided to the affordable owner entity, the report said.

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Elsewhere in Pacific Park, TF Cornerstone and the Brodsky Organization are taking over three development sites from Greenland USA and plan to build more than 1,000 new apartments. According to a previous report, the Brodsky Organization is buying the development lease at 664 Pacific Street, where it plans to build a 300-unit rental building.

At the beginning of this year, Forest City New York cut its stake in the Pacific Park megaproject to 5 percent. The move was a part of Forest City’s strategy to back away from risky ventures such as ground-up development. [Atlantic Yards Report] — Meenal Vamburkar