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Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
For many years, the Arverne community has been challenged bya dearth of commercial spaces, including affordable, fresh grocery options. Arverne by theSea is a master-planned, mixed-use residential development located in adesignated New York City Recovery Zone.
Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
The multi-phase project is in a redevelopment zone makingaccess to the capital markets difficult. ThinkForward served as Financial Advisor to theBenjamin-Beechwood Companies and helped arrange tax-exempt financing for thedevelopers’ various initiatives, including a YMCA (36,000 sf) and Stop&Shop(55,000 sf).
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Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
BestMix of Options
· $11.5M tax-exempt Bonds
· $13Min capital grants from NYC-HPD
· $4M Bridge Loan from foundation (for YMCA)
Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
Arverne by the Sea epitomizes the aim of the AmericanRecovery and Reinvestment Act (ARRA). A job-generator, the project addressed both short and long-term economic development goals for the area. The resulting Stop& Shop Supermarket and YMCA community center support community-based activities, including college readiness programs, youth employment and job training, childcare, and adult learning.
Two major Long Island-based developers formed a joint venture: The BenjaminCompanies, a full-service real estate company, and The Beechwood Organization, the tri-state area’s largest homebuilders. The team proposed to the NYCDepartment of Housing Preservation and Development (HPD) a winning design strategy that combined storm-protection measures with transit-oriented planning.
Financing for Waterfront Development Retail Hub & Community Facility
Benjamin-BeechwoodCompanies, Arverne by the Sea Development
Rockaway,Queens
For many years, the Arverne community has been challenged bya dearth of commercial spaces, including affordable, fresh grocery options. Arverne by theSea is a master-planned, mixed-use residential development located in adesignated New York City Recovery Zone.
The multi-phase project is in a redevelopment zone makingaccess to the capital markets difficult. ThinkForward served as Financial Advisor to theBenjamin-Beechwood Companies and helped arrange tax-exempt financing for thedevelopers’ various initiatives, including a YMCA (36,000 sf) and Stop&Shop(55,000 sf).
BestMix of Options
· $11.5M tax-exempt Bonds
· $13Min capital grants from NYC-HPD
· $4M Bridge Loan from foundation (for YMCA)
Arverne by the Sea epitomizes the aim of the AmericanRecovery and Reinvestment Act (ARRA). A job-generator, the project addressed both short and long-term economic development goals for the area. The resulting Stop& Shop Supermarket and YMCA community center support community-based activities, including college readiness programs, youth employment and job training, childcare, and adult learning.
Retail Center, YMCA & Supermarket
$11,000,000
“Sunil saw the big picture: our efforts to develop community projects in Arverne. At heart, he’s more a business leader than a banker, although he certainly knows how banks, lenders, and investors think. His knowledge and experience were invaluable to us.”
GERALD ROMSKI, PROJECT EXECUTIVE
For many years, the Arverne community has been challenged bya dearth of commercial spaces, including affordable, fresh grocery options. Arverne by theSea is a master-planned, mixed-use residential development located in adesignated New York City Recovery Zone.
The multi-phase project is in a redevelopment zone makingaccess to the capital markets difficult. ThinkForward served as Financial Advisor to theBenjamin-Beechwood Companies and helped arrange tax-exempt financing for thedevelopers’ various initiatives, including a YMCA (36,000 sf) and Stop&Shop(55,000 sf).
Arverne by the Sea epitomizes the aim of the AmericanRecovery and Reinvestment Act (ARRA). A job-generator, the project addressed both short and long-term economic development goals for the area. The resulting Stop& Shop Supermarket and YMCA community center support community-based activities, including college readiness programs, youth employment and job training, childcare, and adult learning.
Two major Long Island-based developers formed a joint venture: The BenjaminCompanies, a full-service real estate company, and The Beechwood Organization, the tri-state area’s largest homebuilders. The team proposed to the NYCDepartment of Housing Preservation and Development (HPD) a winning design strategy that combined storm-protection measures with transit-oriented planning.
