It’s Good to See a Deal Get Done; Arker Closes $24MM+ Construction Financing for Affordable Housing in Bronx

Rendering, 886 Westchester Avenue - Bronx, NY "Click the Pix for More Info"

It’s good to see a deal get done but a bit disconcerting to admit that it took much city, state and federal government assistance to close this loan.

The New York City Housing Development is issuing $11MM in tax payer backed muni bonds and Freddie Mac is chipping in with over $4MM in “credit enhancements” and they are getting tax credits to the tune of $7.4MM. That’s a lot of government largess.

Sure private enterprises like Bank of America, Wachovia and MMA did their part but it took various government entities to put it over the top.

Commercial Mortgage Lending; MasterPlan Capital LLC

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