GID Development Group is turning to the state’s housing agency for $220 million in construction financing for its three planned buildings at Riverside Center, which would include 263 affordable units.
The Boston-based development firm, which last year paid more than $675 million to buy a handful of development sites at the West Side megaproject, is looking to fund construction with the help of tax-exempt bond financing from the state’s Housing Finance Agency.
The HFA next month will hold a public hearing on GID’s [TRDataCustom] application for $220 million in financing for its three proposed buildings at the site: 30 Riverside Boulevard, 10 Riverside Boulevard and 639 West 59th Street, according to a notice of the state agency’s next meeting on Sept. 7.
A representative for GID was not immediately available for comment.
It’s likely that developer will be participating the HFA’s 80/20 program, in which a sponsor sets aside one-fifth of a project’s units as affordable housing. GID’s trio of buildings are approved for more than 1,500 units, and the firm is planning on including 270 condos across the three, according to the state Attorney General’s office.
The developer was reportedly looking for $1 billion in construction financing last year to move the projects forward.
GID teamed up with the Abu Dhabi Investment Authority last year to buy the parcels for the three buildings from Extell Development, which successfully worked with the city to rezone the last and southernmost portion of Riverside South in 2010 to pave the way for the final five buildings.
Extell and partner the Carlyle Group sold off the other two development sites to Silverstein Properties and the Dermot Company. Dermot launched leasing at 21 West End last week.
The Riverside Center complex covers roughly eight acres between West End Avenue and the southern edge of Riverside Park, between 59th and 61st streets.