$645.3 Million   

invested in New York City     

15,463 Units   

created or preserved
in 93 Projects     

 

The New York City Acquisition Fund LLC offers flexible bridge loans for vacant sites or occupied buildings, predevelopment, and moderate rehabilitation to developers committed to the creation of new or preservation of existing affordable and/or supportive rental housing in the 5 boroughs of New York City.

The Fund is made possible through an innovative partnership between Enterprise Community Partners, Inc. and the Local Initiatives Support Corporation, the City of New York, major commercial lending institutions, and leading foundations. Currently, the Fund is capitalized with $193 million of lendable proceeds, offered at the following general terms:

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  • Eligible Sponsors include Non-Profits and M/WBEs.  

  • Joint Ventures permitted to apply, provided majority ownership in the JV is held by a Non-profit developer, or by an MBE or WBE, and subject to meeting NYCAF's other JV requirements.

  • Loan advance rates of up to 130% LTV.

  • Variable rate financing, indexed to 30-day SOFR, subject to an all-in 5.5% floor.

  • Loan maturity of up to 4 years, inclusive of any extensions at the Fund's discretion.

  • Limited payment guarantees of 25%, subject to underwriting.

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The New York City Acquisition Fund delegates the underwriting and servicing of its loans to 4 NYC-based community development financial institutions, identified below. Prospective borrowers are asked to contact one of these to initiate a loan request.