Tax Exempt Bond Financing for Affordable Seaview Senior Housing in Staten Island.
(Scheduled to close, January 2013)

$36.0 million Tax Exempt Bond Financing for Affordable Seaview Senior Housing in Staten Island. The Seaview Senior Living Center will create much-needed senior housing and provide quality care for many of the area's elderly residents.

ThinkForward team was selected to act as the Financial Advisor for the financing. ThinkForward assisted in the development of the project by bringing $36 million in bond financing for the project in a difficult financing environment for new construction, and assisted living projects. The project is ready to be constructed.

Overview

The City wanted to create affordable senior housing in Staten Island. After a lengthy RFP process, it selected a large housing agency Metropolitan of Jewish Poverty to develop a 15 acre site into affordable assisted living facility. In addition to providing land, EDC also awarded $45 million in capital grant for the development of the project from pure raw land.

Located in Staten Island on Brielle Avenue between Walcott Avenue and Rockland Avenue in the Willowbrook neighborhood, this lovely 15-acre site will meet the needs of Staten Island’s senior community, the fastest growing senior population in the five boroughs.

EDC sold the property to Seaview Senior Living HDFC, which will construct 333 senior housing units and community facilities. The terms of the sale mandate that the land be used for senior housing with both assisted living services and a community center for the next 30 years.

Met Council has been in operation for more than 30 years. Its network of services has grown steadily. Its nationally-acclaimed work with the Enterprise Foundation and the Corporation for Supported Housing has resulted in unique and creative housing projects.