Omni, Arker borrow at least $337.5M from New York City for affordable housing in Brooklyn

Omni New York and Arker Companies through the entity Williamsburg Housing Preservation L.P. as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $337.5 million for 98 parcels, including the tax class multifamily, over six families without stores (C1) and containing 2,685 residential units at 783 Marcy Avenue, 311 Nostrand Avenue, 97 Troy Avenue, 131 3rd Avenue, Berry Street, and others in Bedford-Stuyvesant. The deal closed on February 12, 2020 and was recorded on February 19, 2020.

The average loan per unit is $271,564.
Omni and Arker acquired beneficial ownership of a large portfolio of residential and commercial properties simultaneously with this loan.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,880,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link