NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island.
The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center.
Planned renovations to West Brighton I and II include façade restorations, roof repairs, new security systems, ventilation improvements and refurnished heating and water systems. In addition, the partnership will also upgrade the bathrooms and kitchens with new appliances, fixtures and countertops. The grounds will be revitalized with new landscaping, lighting, play equipment, seating, walkways and community gardens. A dog run and screened refuse area will also be added to the property.
The project will be carried out through the NYHCA’s Permanent Affordability Commitment Together program. The financing consists of a combination of debt provided by Freddie Mac and the New York City Housing Development Corp. as well as a bridge loan provided by Wells Fargo, historic tax credits, city subsidies and sponsor equity.