Hudson Companies and Related have secured $123.29 million in financing from Citi + NYC’s HPD + HDC+ HCR for their development project at 460 Main Street on Roosevelt Island. Upon completion, the residential building will consist of 341 affordable units. This will be the eighth building at the Riverwalk complex, according to REW.
Complex financing breakdown: Citi provided a $74.6 million construction loan, and a $3 million subsidy loan. The Department of Housing Preservation and Development (HPD) provided a $20.29 million permanent subsidy loan; the Housing Development Corporation (HDC) contributed $12.9 million in tax-exempt bonds; and the New York State Homes and Community Renewal (HCR) provided a $12.5 million loan.
Worth Noting: Units will be available to families with household incomes ranging from 40 to 165 percent of the AMI.