Capalino Works with AAD Development and Construction on Affordable Housing in the Bronx
AAD Development and Construction, a 20-year old construction company with a strong record in general contracting, approached Capalino for assistance in expanding their business to include development. Working with a parcel of land at 545 East 166th Street in the Bronx that they had owned for nine years, Capalino helped AAD shape the project and strategize an approach to accessing public subsidies that would make the project economically feasible as an affordable housing development
AAD secured an allocation of Low Income Housing Tax Credits, a low-interest loan through the NYC Department of Housing Preservation and Development, and a market-rate loan from the Community Preservation Corporation. RedStone Equity Partners is serving as the tax credit syndicator. This 41-unit, nine-story building, is scheduled for completion in the fourth quarter of 2018.
AAD is serving as the developer and general contractor, with Capalino providing ongoing assistance. Lemle & Wolff is providing marketing and property management services. Ninety percent of the units will be targeted to households with annual incomes between 30 and 60 percent of area median income with 10 percent for households with annual incomes at 80 percent of area median income. The project also has 15,000 square feet of commercial/community facility space on the lower levels that is currently being marketed.
To learn more about Capalino’s real estate services, contact Claire Altman at claire@nullcapalino.com or 212.616.5839 or Richard Barth at richard@nullcapalino.com or 212.616.5845.
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