The New York State Housing Finance Agency last week approved the issuance of $352.3 million of bonds for four projects.
Some $315 million of taxable and tax-exempt bonds will finance a 569-unit apartment building at 320 West 38th Street in the Hudson Yards section of Manhattan. The project is being developed by Glenwood Management Corp. No underwriter has yet been named. The tax-exempt portion of the financing totals $204 million and those bonds will be sold over a three year period.
Nixon Peabody LLP is bond counsel. The debt will be enhanced by a direct pay letter of credit by Wachovia NA.
The project falls under the HFA’s 80/20 program, which sets aside 20% of the apartments for low-income tenants.
The total cost of the project is $436 million. The building will have two 15-story towers rising from a common nine-story base and will include 11,000 square feet of commercial space.
Other approvals included $25.5 million of bonds to be sold on the HFA’s open resolution to renovate 459 affordable housing units in two Mitchell-Lama developments in Rochester. The bond proceeds will finance capital improvements at St. Simon’s Terrace and the River Park Commons.
JPMorgan and Goldman, Sachs & Co. will underwrite the bonds. First Southwest Co. is financial adviser and Hawkins Delafield & Wood LLP is bond counsel. The State of New York Mortgage Agency will provide credit enhancement.
The HFA also gave the go-ahead for the issuance $11.75 million of tax-exempt bonds to finance capital improvements at the College Arms Apartments, a 10-story, 164-unit, federally financed complex in the village of Sleepy Hollow in Westchester County.
Depfa First Albany Securities LLC will underwrite the bonds that will have maturities up to 40 years. Freddie Mac will provide credit enhancement.