MHANY Management borrows $120M from NYC Housing Development Corp. for affordable project in East New York

Mutual Housing Association of New York Management, also known as MHANY Management, through the entity Chestnut Commons Apartments LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. valued at $120.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at Atlantic Avenue or 284 Chestnut Street in East New York. The deal closed on December 20, 2019 and was recorded on January 10, 2020.

This loan is for the development of Chestnut Commons, a 274-unit affordable housing project.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link