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New York

SKA Marin scores $60M loan to build East Harlem affordable housing project

City’s Housing Development Corporation provided the financing

the Rendering of Draper Hall building at 1912 First Avenue in Harlem (credit: Dattner Architects)
the Rendering of Draper Hall building at 1912 First Avenue in Harlem (credit: Dattner Architects)

SKA Marin locked down $59.7 million in financing from the New York City Housing Development Corporation for a 16-story affordable housing project in East Harlem, according to property records filed with the city Tuesday.

The funding is spread across six mortgages ranging from $30.5 million to $2 million, the documents show.

The affordable housing developer, founded by Sydelle Knepper, is constructing two buildings on the East River, including the 16-story building at 1912 First Avenue with 152 affordable housing units across 131,316 square feet. Knepper told The Real Deal the building will feature studios up to three-bedrooms.

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That building is next door to Draper Hall, a former dormitory at 1918 First Avenue that the company converted into a 14-story, 202-unit building for seniors. Residents are set to move in this spring.

SKA Marin also built 175 rental apartments nearby at 301 East 99th Street, which is reserved for people with chronic disabilities.

A representative for the HDC could not be immediately reached for comment.

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Affordable HousingDevelopmentReal Estate Finance