Michelangelo Apartments

S & H is working as financial advisor to a private developer to preserve an existing 494 unit Mitchell Lama housing project that is anticipated to close on financing in the Fall of 2016.  The project will be redeveloped under the HUD RAD program and financed by New York State Housing Finance Agency (“HFA”) tax exempt bonds.  The total project development costs are $150 million.  S & H is assisting the owner is securing $41 million in tax credit equity as well as construction financing of approximately $73 million and permanent financing of $39 million.