Exact Capital borrows $42.2M from city for affordable development in Morrisania

Exact Capital through the entity Victory Baptist Equities LLC as borrower signed a loan agreement with lender New York City Housing Development Corp. valued at $42.2 million for 1 parcel, including the tax class miscellaneous religious (M9) at 1007 Union Avenue in Morrisania. The deal closed on August 11, 2020 and was recorded on September 11, 2020.

This is a new construction loan for the development of affordable housing. Craig Livingston, the signatory for the borrower, is managing partner of Exact Capital. The last time the property sold was June 30, 2017, for $2,610,400.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 91,429 square feet. Those plans include a total of 95 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link