NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in the Inwood neighborhood of Manhattan. The financing package includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities.
Units will be restricted to households earning between 27 and 110 percent of the area median income (AMI), and approximately 15 percent or 94 units will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and amenities such as community recreation spaces, picnic areas and on-site supportive services. New York City has donated an adjacent parcel for the construction of a waterfront park as part of the project.