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Yonkers breaks ground on $17m senior housing complex.

City and state officials met with representatives of the Community Preservation Corporation, St. Joseph's Hospital and Cottage International Development Group in Yonkers last week to break ground for an exciting new project that will transform an abandoned industrial site into affordable rental housing for area seniors.

Called Riverdale Senior Housing, the $17 million project will feature 82 one-bedroom apartments in an eight-story building located at 185 Riverdale Ave. The 75,600 s/f development will include community rooms, office space, laundry facilities and parking. Monthly rents, which include heat, hot water and parking, will range from $850 to $1,300.

Riverdale Senior Housing is being developed by a joint partnership of Saint Joseph's Medical Center and Cottage International Development Group. The general contractor for the project is Glenman Construction.

CPC is providing $8 million in construction financing for the project. CPC will also arrange for a permanent loan, which will be sold to the New York State Common Retirement Fund and insured by the State of New York Mortgage Agency. The city of Yonkers is providing additional financing of $200,000. The project will also receive an allocation of low-income tax credits from the New York State Division of Housing and Community Renewal that will provide more than $9 million in equity financing.

"Historically, there has been a lack of affordable housing for seniors in our cities and downtowns. Riverdale Senior Housing will help meet that critical need by providing decent and affordable rental housing for seniors in Yonkers. CPC is proud to provide financing for this wonderful and much-needed project," said Sadie McKeown, senior vice president and regional director of CPC's Hudson Valley Office.

Riverdale Senior Housing is located in the southwest section of Yonkers, a neighborhood of mid-rise apartments, mixed-use buildings and retail stores.

The Bee Line bus stops in front of the property and the Metro-North train to New York City is only eight blocks away.

"This project will be a great addition to downtown Yonkers. It will provide good quality housing to our growing senior population, in an area that is convenient to the residents for shopping and transportation. It is another fine example of what can be accomplished on behalf of our community through the partnership of organizations such as St. Joseph's Hospital and Cottage International Development Group. I congratulate them for their commitment to our city," stated Yonkers Mayor Philip Amicone.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Nov 2, 2005
Previous Article:Women in housing to be honored at December event.
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