Conduit Issuer Build NYC Approves $76M for Nonprofits

Conduit bond issuer Build NYC Resource Corp. has approved $75.6 million of tax-exempt financing to assist four New York City nonprofits.

Seaview Senior Living Housing Development Fund Corp. of Staten Island, formed by the Metropolitan Council on Jewish Poverty and Leewood-Seaview, was approved for $33.6 million of tax-exempt bonds.

Seaview will use the bond proceeds to construct a 188-bed assisted-living and memory-care facility and an 11,500-square-foot building for social and recreational use by residents. It will also use the proceeds to  renovate a historical landmark building for visitors.

Groundbreaking is expected in the fall.

Build NYC, which is administrated by the New York City Economic Development Corp., also approved financing on Tuesday for All-Stars Project Inc., Browning School and HealthCare Chaplaincy Inc.

All Stars Project, of Manhattan, will use $11 million to refinance debt. All Stars provides arts and cultural education activities to youths.

Browning, a private preparatory school for boys, will use its $11 million to finance the renovation and expansion of its main facilities on Manhattan's East Side. They include a lower-level expansion to accommodate a new cafeteria, an upgraded lobby, library, technology center, science lab and art studio.

It expects completion by August 2014.

HealthCare Chaplaincy, whose services relate to palliative, or pain-management, care, will use $20 million to build and renovate condominium units in the Lower East Side.

Additionally, the New York City Industrial Development agency, also under the EDC, approved $106 million in property tax reductions for ERY Tenant LLC as part of a planned $1.3 billion investment to build a 1.84 million-square-foot office tower in Hudson Yards.

It also approved $1.4 million in real estate and sales tax exemptions for M. Fried Store Fixtures Inc. and Sturdy Store Displays Inc., which intend to buy and renovate a Brooklyn building.

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Healthcare industry New York
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