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.
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.