invested in New York City
created or preserved
in 79 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 $150 million of lendable proceeds, offered at the following general terms:
Loan advance rates of up to 130% LTV for Non-Profit & M/WBE Sponsors, and up to 95% LTV for For-Profit Sponsors.
Variable rate financing, currently set at LIBOR + 3.25% for Non-Profit & M/WBE Sponsors, and LIBOR + 3.50% for For-Profit Sponsors.
Up to 2-year loan maturities, with one or two 6-month extensions at the Fund’s discretion; or up to 3-year loan maturities (for phased developments), with one or two 6-month extensions at the Fund’s discretion.
Limited payment guarantees of 25% for Non-Profit and M/WBE Sponsors, and up to 50% for For-Profit Sponsors.
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.