Welcome

The New York City Acquisition Fund LLC offers acquisition and predevelopment loans to developers committed to the creation and preservation of affordable housing in the five boroughs of New York City.

Made possible through an unprecedented partnership between the City of New York, major foundations and New York’s public and private investment groups, the Fund provides loans at the following general terms:


Capital advance rates of up to 130% LTV for Non-Profit Borrowers and up to 95% LTV for For-Profit Borrowers
Variable interest rate currently indexed to Prime
Loan terms of up to 3 years
Limited Recourse

To find out how the Fund can help with your project, please contact one of our Originators listed below.

 

Recent News

November, 2012 - The New York City Acquisition Fund closed on acquisition and predevelopment financing in the amount of $3,055,000 to 3349 Webster Avenue Associates LLC, to construct an 8-story, 112-unit affordable and supportive housing residence on a largely vacant site at in the Norwood section of the Bronx. The Borrower is a joint venture partnership between Bell Urban LLC, a for-profit affordable housing developer, and Concern for Independent Living, Inc., a non-profit developer and operator of supportive housing active in the New York City metro region.

December, 2012 - The New York City Acquisition Fund provided financing in the amount of $5,557,500 to Bronx Pro Real Estate Management, Inc., a for-profit affordable housing developer and property management firm. With the Project Loan, the Borrower will acquire, stabilize, and carry out needed improvements to a 6-story elevator property located at 1479 Macombs Road in the Tremont section of the Bronx. This Project Loan will preserve the affordability of 72 rental units currently occupied by low-income households.
 


Diane Louard - Michel
Jennifer Trepinski
Phone: (212) 986-2966

Shola Olatoye
Phone: (212) 284-7186
Denise Scott
Arturo Suarez
Phone: (212) 455-9800

Judith Kende
Phone: (212) 509-5509