Nearly $53M Redevelopment, Refinancing Of Fort Schuyler House in Bronx Complete
Real Estate In-Depth | August 4, 2020
NEW YORK—Fort Schuyler House, Inc., MDG Design + Construction, LLC, Smith & Henzy Advisory Group, Inc., Concord Management of New York, and partners recently celebrated the completion of the $52.7-million revitalization and refinancing of Fort Schuyler House, an affordable senior housing development in the Bronx. The project preserves the affordability of Fort Schuyler House’s 138 units of seniors housing and marks the completion of $17 million in capital repairs.
“As New York’s senior population continues to grow, projects like Fort Schuyler that preserve affordability and improve housing quality are critical in allowing residents to safely age in the place they call home,” said Michael T. Rooney, Sr., principal of MDG Design + Construction. “We are proud to be able to transform apartments while residents continue living in their homes, a crucial benefit for seniors who may have more difficulty traveling and being temporarily displaced. Thank you to our partners for their dedication and collaboration on this multi-faceted project.”
Located at 3077 Cross Bronx Expressway in the Throggs Neck neighborhood of the Bronx, Fort Schuyler House was built in 1973 under the New York State Mitchell Lama Program to offer safe, secure, independent living opportunities for seniors ages 62 and over. The eight-story building is comprised of 118 studio units, 20 one-bedroom units, and one superintendent’s unit.
The complex’s newly renovated units include the conversion of antiquated kitchenettes to fully functioning kitchens. All apartments also received new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. All tenants were able to remain living in their homes during renovations to minimize disturbance to residents.
Shared spaces and the overall property received upgrades including new flooring and finishes; new security and energy-efficiency measures; a newly renovated auditorium; new tenant lounge; and extensive landscaping improvements including community roof terraces; a shuffleboard court; and sitting areas. Accessibility improvements include the installation of an automatic operating entrance; and doorknobs and locks with new lever handles.
The financing of the project included a combination of tax-exempt bonds and Low Income Housing Tax Credits. During construction, short-term and long-term bonds in a total amount of approximately $24.3 million funded the project’s rehabilitation. Rental assistance was obtained for existing residents through Tenant Protection Vouchers converted to Project Based Vouchers. Bond proceeds were utilized to fund development costs and make the project eligible for Low Income Housing Tax Credits.
Fort Schuyler House, Inc. continues to serve the local Bronx community as the managing member and general partner of the property. In addition to Smith & Henzy Advisory Group, MDG Design + Construction, and Concord Management, project partners included: architects Newman Design, engineers Antonucci & Associates, Architects & Engineers, LLP, and Nixon Peabody LLP as borrower counsel.