Domain, Arker open $10m housing development.
The development delivers high-quality housing priced at levels within the economic reach of working families in the Ithaca area. The site's design also promotes energy conservation.
The Overlook at West Hill's 64 affordable units of energy-efficient rental housing--representing roughly half a development that will eventually encompass a total of 128 rental and 15 for-sale units--were financed through a creative public-private package. Completion of Phase I also included construction of a 5,900 s/f clubhouse.
The development--whose first phase cost $10 million--received financial support from the New York State Division of Housing and Community Renewal (DHCR), the New York State Energy Research and Development Authority (NYSERDA), Freddie Mac, the federal Neighbor Works America program, and private financing entities.
"Through thoughtful collaboration with the public sector, private developers can create first-rate, energy-efficient housing that local working families can afford," said Matthew G. Schwartz, principal of the Domain Companies. "
We applaud the cooperation and the vision of public officials at all levels who helped make the Overlook at West Hill a reality."
"Commissioner Judith Calogero and Deputy Commissioner Joan Hoover of the state DHCR were instrumental in the success of this development," said Chris N. Papamichael, principal of the Domain Companies. "We thank NYSERDA for helping to make this property energy efficient. We also recognize Assemblywoman Barbara Lifton, State Senator George Winner and Town of Ithaca Supervisor Cathy Valentino for their valuable support."
Financing included an allocation of nine-percent tax credits from the state DHCR that was syndicated to an affiliate of Related Capital Company for $6.72 million in tax credit equity.
The project gained a commitment for a $1.98 million permanent loan from Freddie Mac, a federally chartered, stockholder-owned corporation, and a $390,000 grant from the Neighbor Works America program.
Bank of America provided a $1.98 million construction loan. The architect was Ithaca-based Holt Architects, P.C. and the construction company was Charles A. Gaetano Construction Corporation of Utica.
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|Title Annotation:||Construction & Design: Section B|
|Publication:||Real Estate Weekly|
|Date:||Sep 20, 2006|
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