PROJECT OBJECTIVES:

Parkledge Apartments (311 units) is comprised of two towers and two townhome buildings and serves low- and moderate-income residents. The site is located on Yonkers Avenue in Yonkers, New York. HVPG worked with the previous owner to meet pricing expectations while maintaining the long-term affordability of the property. To ensure certainty of closing HVPG partnered with various stakeholder agencies, including: Yonkers Industrial Development Agency (YIDA), New York Housing and Finance Agency (HFA), HUD and numerous Section 8 voucher administrators. As part of the acquisition, HVPG has identified immediate renovations and energy efficiency upgrades, and will simultaneously complete ongoing construction and repair work that were initiated pre-sale.

FINANCING AND SUBSIDY:

The acquisition was financed with co-investment, and debt originated through Jones Lang LaSalle and Fannie Mae. HVPG executed a HUD Section 236 IRP Agreement and HUD budget based rental increase (BBRI) to support the building’s operations and planned rehab. HVPG also worked with the various Section 8 and subsidy voucher administrators to ensure resident leases remained in place.

RESULTS:

• Affordability of workforce housing supply preserved for decades to come
• Renovation prioritizing building modernization, energy efficiency upgrades and resident quality of life improvements
• The Yonkers Industrial Development Agency supported the project with the assumption and extension of the previously existing PILOT agreement
• No displacement of residents

SCOPE OF WORK:

• Site: Security upgrades
• Building: Roof & insulation replacement​, façade repair, elevator cab upgrades
• Units:  New water- saving fixtures: toilets, aerators, showerheads & energy saving lighting upgrades
• Common Areas: Lobby upgrades, common areas to receive water-saving fixtures, energy saving lighting upgrades