Park Lane at Sea View – Source and Uses Summary

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1 min read

Tax Credit Advisor, January 2010:

Sources *

 
Historic Tax Credit Equity $9,321,423
Low-Income Housing Tax Credit Equity $5,269,000
First Mortgage $5,200,000
Soft Loan – NYCDHPD $8,000,000
Soft Loan – NYSERDA $300,000
Deferred Development Fees $1,575,295
Total Sources $29,665,718    

Uses

 
Acquisition Costs ** $1
Hard Costs $22,689,610
Architecture/Design/Historic Consulting $1,017,679
Financing Costs $700,601
Soft Costs $1,462,590
Development Fees $3,795,238
Total Uses

$29,665,718

* Financing includes 30-year tax abatement/exempt through city J-51 Program.

** Property acquired through 99-year subsidized lease.

 

 

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