Foxy Management arranges fi nancing for Arthur Ave. housing
Foxy Management announced it has
closed on the fi nancing of the planned
Arthur Avenue Apartments. Located in
Belmont, the 177-unit new construction
community is expected to be completed
in early 2021. Upon completion, Arthur
Avenue Apartments will provide housing
to seniors ages 62 and above and permanent
supportive housing to homeless
and medically frail seniors. The Arthur
Avenue project represents the second
collaboration between Foxy and its
partners at The Hebrew Home at Riverdale.
Arthur Avenue Apartments will consist
of one 9-story building clad in black
and white exterior panels, housing both
studio and one-bedroom units. The development
will focus on ‘biophilic’ amenities
that are aimed at connecting residents
with the natural world, including
a green wall in the lobby, an integrated
greenhouse and community room with
teaching kitchen, and a working vegetable
garden where seniors will be encouraged
to grow their own food and
share with their community. Other
common amenities include laundry, onsite
management, two elevators, large
community rooms connected to outdoor
terraces, a social services suite,
bike storage, secured entry with intercoms
and case management services
provided by on-site staff. Unit amenities
will include PTAC air-conditioning
units, luxury vinyl fl ooring, window
coverings and grab bars.
The $91 million development is being
fi nanced using a combination of taxexempt
bonds issued by the New York
State Housing Finance Agency, and additional
subsidies provided by HFA and
the NYC Department of Housing Preservation
and Development through its
Senior Affordable Rental Assistance
program, and syndicated tax credit equity.
The construction period tax-exempt
bonds are being credit enhanced by
Chase. The $36 million in tax credit equity
was fi nanced through an investment
from a Freddie Mac Low-Income
Housing Tax Credit Fund with Boston
Financial Investment Management.
The Hebrew Home at Riverdale will
provide robust supportive services to 54
SUNDAY JANUARY 27
Sunday
11-1
January 27th
BRONX TIMES REPORTER, J 14 ANUARY 11-17, 2019 BTR
130 years
in New
York City
ONE
OVER
130 YEARS
IN NYC
3335 Country Club Rd Bronx, NY
718-824-3260
Graduates earn
over $1 million
in high school
scholarships
Private, Independent and
Catholic
Universal Pre-K - 8th grade
medically frail, homeless seniors. These
services include individual and group
intensive case management geared to
acclimating a formerly homeless population
from city’s shelter system to stable
community living. Other offerings
support physical and emotional wellness,
fi nancial management, health services
including prevention and maintenance,
community social engagement,
art and educational programming.
“We look forward to providing much
needed services to one of New York
City’s most vulnerable populations, and
helping them acclimate and ultimately
fl ourish in this exciting, new community.
We are grateful to Foxy Management
and our other Arthur Avenue
partners for making this vision of safe,
affordable housing for older adults a reality,”
said Daniel Reingold, president
and CEO of RiverSpring Health, featuring
the Hebrew Home at Riverdale.
Project-based Section 8 rental subsidy
is being provided by HPD, with
additional rental subsidy and ongoing
operational funding for supportive services
provided by the NYS Department
of Health under the Empire State Supportive
Housing Initiative. Arthur Avenue
Apartments is designed to meet
Enterprise Green Communities criteria
with a host of planned sustainable
features, including EnergyStar appliances,
high-effi ciency boilers and hot
water heating systems.
Bronx-based Foxy Management began
assembling the site in mid-2017 and
successfully acquired three contiguous
parcels of land over a 12-month period
of time. Foxy also successfully arranged
for the transfer of nearly 15,000
square feet of ‘air rights’ by capitalizing
on recent changes to the NYC Zoning
Resolution’s Affordable Independent
Residences for Seniors, or AIRS.
“As New Yorkers we believe it is
our obligation to offer appropriate and
affordable housing to our senior community,
and at Foxy Management it is
our privilege to provide it. We hope this
project will set the standard for future
senior development in the city,” said Jeff
Fox, principal of Foxy Management.
“This investment is helping to provide
supportive housing to senior citizens
who are most in need,” said David
Leopold, vice president of Targeted Affordable
Sales & Investments at Freddie
Mac. “This is exactly the kind of meaningful
transaction we envisioned in establishing
our LIHTC equity fund with
Boston Financial, and we could not be
more pleased by this collaboration with
Foxy and Hebrew Home. This important
fi nancing will improve the quality
of life for dozens of Bronx seniors.”
“Arthur Avenue Apartments will
have a lasting impact on the Bronx
community, providing seniors with an
affordable and supportive place to live,”
said Jane Silverman, executiveirector,
Community Development Banking,
Chase.
We look forward to
providing much needed
services to one of New
York City’s most vulnerable
populations, and helping
them acclimate and
ultimately fl ourish in this
exciting, new community.
Daniel Reingold
President/CEO, RiverSpring Health