Workforce Housing Group, UHAB borrow $16.2M from National Equity Fund for affordable purchase in Morrisania

Workforce Housing Group and UHAB through the entity WFHA Home Street LLC as borrower signed a loan agreement with lender National Equity Fund, Inc. through the entity NYC Distressed Multifamily Housing Fund II LP valued at $16.2 million for 7 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 110 residential units at 1208 Southern Boulevard, 1166 Simpson Street, 1160 Hoe Avenue, 936 Home Street, 1159 Fox Street, and others in Morrisania. The deal closed on August 13, 2020 and was recorded on September 2, 2020.

The average loan per unit is $59,013.
NEF supplied $6.5 million in new debt, and the new owners assumed another approximately $10 million in existing debt. The last time the property sold was December 30, 2015, for $6,729,134.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $381,003.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link