$54.4 Million Project Brings 137 Quality Affordable Apartments to Yonkers
Yonkers, NY – June 27, 2011 – (RealEstateRama) — Mayor Philip A. Amicone, Chairman of the Yonkers Industrial Development Agency (IDA) joined Westchester County Executive Rob Astorino, city and county legislators and Ron Moelis the CEO of L+M Development Partners Inc. (L+M) for the ceremonial opening of 330 Riverdale, a brand new, multifamily housing development in Yonkers. The $54.4 million project located on Riverdale Avenue between Morris and Post Streets near the Ludlow Metro-North station provides 137 modern apartments for current and future working families in the city. It is the latest in a series of projects that have dramatically expanded the city’s quality affordable housing stock.
330 Riverdale is the result of the successful partnership among city, county, and state public agencies and the private sector. Also in attendance for the ribbon cutting event were: Ellen Lynch, President and CEO, Yonkers IDA; Gregory Watson, Director of the New York City Regional Office, New York State Homes and Community Renewal (HCR); Jon Cortell, Vice President, L+M Development Partners Inc.; Wilson Terrero Yonkers City Council Member; Todd A. Gomez, Northeast Region Executive, Community Development Banking, Bank of America Merrill Lynch; and other state, county and local officials.
Before the official ribbon cutting, Mayor Amicone presented Zakiyyah Luqman and her children, the designated “first family” of 330 Riverdale, with a housewarming gift basket. The Luqman family and other residents will begin moving into 330 Riverdale later this summer.
“A few years ago, the site was nothing more than an undeveloped lot filled with weeds and debris,” said Mayor Amicone. “Now with vital financial incentives from the Yonkers IDA and the assistance of our partners in government and the private sector, hard working families who struggle to make ends meet can live in the kind of high-quality apartments they deserve. Congratulations to L+M Development and all those who made this day possible.”
“This public-private sector initiative to promote fair and affordable housing was accomplished with the help of more than $7.6 million from county programs run by our Planning Department,” said County Executive Robert P. Astorino. “The result is new homes for families and individuals that will enhance the neighborhood. Congratulations to everyone who made this possible.”
“330 Riverdale demonstrates the best in public-private partnerships,” said Ron Moelis, co-founder and CEO of L+M Development Partners. “Financing for this project closed in December 2008, during what was perhaps the lowest point of the recession, yet our close collaboration with the City of Yonkers, the County, the State, and our investment partners still allowed for the successful creation of high-quality, affordable living opportunities for local families in need and has further helped to stimulate economic growth Downtown.”
330 Riverdale has 137 units of affordable housing in one 12-story tower and includes studios, one-, two- and three-bedroom units. Each new home is equipped with stainless steel appliances, bamboo flooring, and large, sliding windows. The building also features over 200 parking spaces, on-site laundry, a children’s play room, a gym, and a community room. The building is close to downtown Yonkers and benefits from easy access to public transportation, including the Ludlow-Metro North train station.
L+M also dedicated space in the community room to function as a ‘Business Center,’ which will serve residents by providing resources for individual and group job training and education. Individuals will have access to computers with Wi-Fi, as well as a library of literature on resume and skill development opportunities. Space will also be set aside for one-on-one job training sessions with representatives from local employers.
Apartments at 330 Riverdale will be available to individuals and families with incomes no higher than 60% of the Westchester County Area Median Income (AMI). Twenty percent of the units will be set aside for those earning 50% of the AMI.
To keep apartment rents affordable and to help enable L+M obtain the necessary financing, the Yonkers IDA approved incentives, including a 30-year real property tax agreement and a sales and uses tax exemption for construction. 330 Riverdale received financing, including four percent low income housing tax credits from HCR, which is an integration of the housing and community renewal agencies of New York State. The award was made by one of HCR’s affiliate agencies – the New York State Housing Finance Agency (HFA) with the commitment of HFA tax-exempt bonds (the “Bonds”). The Bonds for this development were enhanced by a letter of credit from Bank of America, which is also the source of equity proceeds from the sale of the tax credits. The New York State Division of Housing and Community Renewal and Westchester County also provided subsidy financing for the project.
“This is a terrific example of strong public and private partnerships and I thank Mayor Amicone and Ron Moelis of L+M Development Partners for working with HCR to bring 330 Riverdale to life. This development will make Yonkers an even better place to live, revitalize an important neighborhood in the heart of the city, and help alleviate Westchester County’s shortage of affordable housing,” said Darryl C. Towns, Commissioner/CEO of New York State Homes and Community Renewal. “Multiple HCR programs were leveraged to make 330 Riverdale a reality, including funds from the Housing Trust Fund Corporation and the Housing Finance Agency. Coordinating programs and resources allows HCR to make projects like this possible and create decent, affordable homes and stronger communities across the State. Congratulations to the residents who will enjoy 330 Riverdale Avenue and all it offers.”
“L+M Development Partners is an outstanding developer in this market and we were delighted to utilize our ability to provide $49.7 million of debt and equity financing to facilitate the construction of 330 Riverdale Apartments,” said Todd A. Gomez, Northeast Region Executive, Community Development, Bank of America Merrill Lynch. “The 137 new units will provide a high quality, affordable housing opportunity for individuals and families. Creating opportunities for safe, affordable housing is the primary focus of our Community Development Banking business. In addition, it is important to Bank of America that 330 Riverdale will contribute significantly to the vitality of the surrounding neighborhood and the City of Yonkers.”
330 Riverdale is the first of multiple investments L+M is making in Yonkers. In April 2011, the firm celebrated with its public and private sector partners the groundbreaking for 49 North Broadway, a 92-unit development in downtown Yonkers, which will be ready for occupancy in the winter of 2012/13. 326 Riverdale Owners LLC, an L+M Development Partners venture, developed 330 Riverdale in partnership with Bank of America, the Yonkers IDA, the City of Yonkers, and the County of Westchester.
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About Yonkers IDA
Chaired by Yonkers Mayor Philip Amicone, Yonkers IDA is a public benefit corporation that provides a wide range of business development incentives to companies that choose to locate or expand in Yonkers. Since 1982, the IDA has generated millions of dollars in private investment within the city. Yonkers IDA induces companies to invest their capital in major economic development projects that create jobs and increase the city’s tax base, thereby improving the quality of life for all Yonkers residents. For more information go to www.yonkersida.com.
About L+M Development Partners
Since 1984, L+M Development Partners has been an innovator in developing quality affordable, mixed-income and market rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, construction and management with creativity that leads the industry. L+M is responsible for more than $2 billion in development and construction and has created more than 10,000 high-quality units in the tri-state area alone. Community leaders, government officials and investment organizations turn to L+M because of its consistent track record of excellence.
L+M is a double bottom line company, where its success is measured not only in financial returns but also by the positive impact it makes. L+M takes pride in its long-standing dedication to the communities it serves, demonstrated through an annual scholarship fund, job training programs and substantial support for local nonprofits. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people. Additional information can be found at www.lmdevpartners.com.
About New York State Homes and Community Renewal
New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including, The Affordable Housing Corporation, The Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others.
Organizing these agencies under a single leadership and management structure has created new efficiencies and allowed for better coordination of the state’s resources. Similar and complimentary programs are now aligned and working together, reducing costs, red tape and duplicative efforts while increasing the effectiveness of the state’s housing and community renewal programs.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. www.bankofamerica.com
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Michael A. Petralia
Senior Vice President
Linden Alschuler & Kaplan, Public Relations
1251 Avenue of the Americas
New York, NY 10020
mpetralia (at) lakpr (dot) com
212-899-4744
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