Edgemere Commons Building B1 in Queens

Wells Fargo Provides $780.3 Million in Financing for Affordable Housing in Metro New York City

by Channing Hamilton

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay.

The developments, which total more than 1,100 units, are currently under construction, and include:

  • The second phase of Peninsula, the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers, Gilbane Development Co., The Hudson Cos. and MHANY Management.
  • Wakefield Yards, a 251-unit community affordable to households earning 80 percent or less of the area median income (AMI). Of the total unit count, 38 will be set aside for formerly homeless individuals. Radson Development secured $179.1 million in debt and equity financing from Wells Fargo for this project.
  • Blondell Commons, a 182-unit property reserved for tenants earning up to 70 percent of AMI. Fifty-five units will be for formerly homeless individuals. Wells Fargo provided $147.1 million in debt and equity financing for the borrower, Exact Capital Group.
  • Edgemere Commons Building B1, a 237-unit community located in the Far Rockaway section of Queens. Wells Fargo provided a total of $138.6 million in debt and equity financing to Tishman Speyer’s TS Communities for the project. Of the total unit count, 201 will be affordable to households earning 30 percent to 80 percent of AMI. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The property will also include 8,000 square feet of neighborhood-serving retail space and 7,500 square feet of community facility space.
  • St. Clair, a 76-unit development in the New York City suburb of Yonkers. Lastly, Wells Fargo provided a total of $65 million of debt and equity financing to MacQuesten Development to construct the building.

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