Park Lane at Sea View – Source and Uses Summary
By Caitlin Jones
1 min read
Tax Credit Advisor, January 2010:
Sources * |
|
| Historic Tax Credit Equity | $9,321,423 |
| Low-Income Housing Tax Credit Equity | $5,269,000 |
| First Mortgage | $5,200,000 |
| Soft Loan – NYCDHPD | $8,000,000 |
| Soft Loan – NYSERDA | $300,000 |
| Deferred Development Fees | $1,575,295 |
| Total Sources | $29,665,718 |
Uses |
|
| Acquisition Costs ** | $1 |
| Hard Costs | $22,689,610 |
| Architecture/Design/Historic Consulting | $1,017,679 |
| Financing Costs | $700,601 |
| Soft Costs | $1,462,590 |
| Development Fees | $3,795,238 |
| Total Uses |
$29,665,718 |
* Financing includes 30-year tax abatement/exempt through city J-51 Program.
** Property acquired through 99-year subsidized lease.
