"After years of hurdles, a 144-unit affordable and senior housing project in Forest Hills, Queens, has secured financing and is set to break ground. TD Bank loaned $37.5 million for construction, while Community Preservation Corp is providing a $40 million long-term loan. On the public side, the city is providing $71 million from a program for senior housing. As an affordable housing developer, I've never seen anything as difficult as this, said Jeff Fox, of Foxy Development, which is co-developing the project."
"The property at 70-35 113th Street, dubbed The Perennial, is the site of an abandoned hospital. It was upzoned in 2020 with an agreement that it would include a certain amount of senior affordable housing. Typically, developers in these upzoned areas build their affordable and market-rate apartments in one building, with the market-rate units subsidizing the affordable units. But because of a complex ownership structure, the two portions of the project were kept separate,"
A 144-unit affordable and senior housing development in Forest Hills secured financing and will break ground. TD Bank provided a $37.5 million construction loan; Community Preservation Corp supplied a $40 million long-term loan; the city committed $71 million from a senior housing program. The site at 70-35 113th Street was upzoned in 2020 with a requirement for senior affordable units. A complex ownership structure kept affordable and market-rate portions separate, allowing public financing for the fully affordable building while a neighboring market-rate project retains upzoning benefits. Plans changed multiple times, including abandoning a tax-exempt bond-financed senior-only plan and eliminating 20 non-senior units.
Read at therealdeal.com
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