Spring Creek Gardens

Spring Creek Gardens is the comprehensive redevelopment of a distressed 582-unit mixed income housing development and five commercial spaces in a rapidly developing section of Brooklyn. The development was preserved as mixed-income housing while completing $25 million of extensive physical improvements with the tenants in-place, adding enhanced resident services and amenities and improving the retail mix.

  • Property Type

    Mixed-Income Multifamily
    Retail
    Affordable Housing Preservation

  • Apartments

    582 Studios, One, and Two Bedrooms

  • Retail Space

    10,000sf

  • Development Cost

    $53M

  • Financing

    Citibank
    Centerline Capital
    Jones Lang LaSalle/Freddie Mac
    NYC HDC Tax-Exempt Bond Financing
    NYC HPD Low Income Housing Tax Credits
    NYS DHCR Weatherization Assistance Program
    NYSERDA Multifamily Performance Program
    NYC HPD 420-c Property Tax Exemption

  • Completion Date

    July 2008

  • Awards

    Affordable Housing Finance Reader's Choice Awards: Master-Planned/Mixed-Use Project

  • Sustainability

    NYSERDA Energy Star

902 Drew St
Brooklyn, NY 11208
718 235 4990
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