Silver Street Development, in a joint venture partnership with LIHC Investment Group, has acquired Marble Hall Apartments in Tuckahoe, NY. The transaction closed on March 24, 2021 and a substantial $5,500,000 renovation to the property will begin promptly.
A combination of tax-exempt bonds, LIHTC equity and HUD financing made up the capital stack for the redevelopment. Total development costs will exceed $71,000,000. Tax-exempt Bonds, LIHTCs, and a Section 8 increase were instrumental to the successful closing.
The 134-unit community of one, two, and three bedroom apartments was built in 1974 and is conveniently located to local shopping, parks, schools, and the Tuckahoe train station with direct access to New York City. The Village of Tuckahoe is an established residential community which has grown in desirability as a result of its close proximity to New York City and multiple transportation linkages, with typical commute times to Manhattan ranging from 30 to 60 minutes.
The planned renovations will reset the economic life of the property and add additional amenities for current and future residents to enjoy. This long-term preservation of affordable, quality housing is a core mission of Silver Street Development and LIHC. With the closing of this transaction, Marble Hall Apartments has become the next property in a growing portfolio of communities to carry out these missions.
“We are extremely pleased with the successful acquisition and long term plans we have put in place for Marble Hall, not only for the residents who call the property home, but for the Village, Town and County as a whole,” said Chris Poulin, COO of Silver Street Development Corp. “It’s incredible to think of the number of individuals and families this property will help over the coming decades in our effort to preserve this important housing resource. A success like this comes down to the skills of the team assembled and their incredible array of talents to make this a reality.”