The Jonathan Rose Companies' Smart Growth Investment Fund - the first real estate fund in the country to focus exclusively on acquiring and greening existing buildings - announced yesterday that it has made its first such acquisition here in New York City. The Fund has purchased 198 affordable housing units, along with 4500 square feet of ground floor retail space, at 107-145 West 135th Street in Harlem for $26.5 million. Dattner Architects will work with the Fund to execute a green capital improvement program across the acquisition's ten six-story buildings. The program will follow the Enterprise Green Communities Criteria, as well as participate in NYSERDA's Multifamily Building Performance Program.
Interestingly, the properties' Section 8 contracts with HUD were set to expire at the end of 2008, but the Fund worked with HUD to negotiate both an interim renewal and a fresh 20-year contract that will keep the properties affordable. The New York City Acquisition Fund provided an acquisition loan to the Fund; NYCAF provides both acquisition and predevelopment loans to affordable housing developers.
