Catholic Charities Progress of People’s Development borrows $69M from New York State Housing Finance Agency for new construction in Ocean Hill

Catholic Charities Progress of People’s Development through the entity Loreto II LLC as borrower signed a loan agreement with lender New York State Housing Finance Agency valued at $69.3 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 48 residential units at 2372 Atlantic Avenue, 126 Sackman Street, 2353 Pacific Street in Ocean Hill. The deal closed on December 18, 2019 and was recorded on January 13, 2020.

Catholic Charities is to construct a 136-unit apartment building.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 16 residential units on July 23, 2013.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link