LIHC Investment Group and Silver Street Development Corporation have acquired a 134-unit low income housing development in Tuckahoe, NY, for $54.5 million
The joint venture secured $71 million in financing to acquire and preserve Marble Hall Apartments as affordable housing through at least 2060 while investing $5.78 million in upgrades and improvements over the next ten months.
“The preservation of Marble Hall guarantees the availability of affordable, healthy homes well into the future while providing peace of mind for our residents during a time of uncertainty for many American families,” said Andrew Gendron, Principal, LIHC Investment Group. “This deal was truly a team effort, from the sellers to the many public and private partners who rolled up their sleeves to make this intricate transaction a reality. We applaud all parties for working to ensure our existing stock of affordable housing is both protected and improved.”
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LIHC Investment Group bought 144-152 Fore St. from Jackrabbit LLC for $8.3 million.
Mac Simpson of Porta & Co. represented the seller and Joseph Porta of Porta & Co. represented the buyer.
Located at the base of Munjoy Hill, the property comprises a 43,210-square-foot building on 1.54 acres. It was built in 1963 and renovated in 1990.
“We are excited to be a part of the revitalization of Portland’s historic Eastern Waterfront,” Andrew Gendron, a principal with LIHC Investment Group, said in a news release. “Over the past five years, we’ve watched businesses, employees and new sources of investment breathe new life into one of the city’s oldest neighborhoods. As a Portland-based company, we’ve been searching for more ways to get involved and found that opportunity in 144 Fore St.”