Markham Gardens
Markham Gardens is the large-scale redevelopment of a 12-acre blighted New York City public housing complex into a mixed-use, mixed-income community. Awarded through an RFP by New York City, the award winning “green” project was the pilot project for the “LEED for Homes” program and includes 240 mixed-income rental units, 25 mixed-income two-family homes for sale and extensive community amenities and recreation space. The $65 million development incorporates twelve different financing sources to execute an innovative and one-of-a-kind financing and partnership structure.
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Property Type
Mixed-Income Multifamily
Public Housing Redevelopment
NYC RFP Designation -
Apartments
240 Studios, One, Two, Three, and Four Bedrooms
25 Two-Family Homes -
Development Cost
$66.5M
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Financing
Citibank
Centerline Capital
Jones Lang LaSalle/Freddie Mac
NYC HDC Tax-Exempt Bond Financing
NYC HPD Low Income Housing Credits
NYC HPD 421-a Negotiable Certificate Program
NYCHA/HUD Land Subsidy
NYSERDA Energy Efficiency Subsidy
NYC HPD 420-c Tax Abatement
NYCHA Section 8 Vouchers
NYS AHC Construction/Purchase Loan
NHS NYC NeighborWorks Loan
NYS DHCR Home Loan
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Completion Date
December 2009
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Awards
Affordable Housing Finance Reader's Choice Award: Finalist, Master Planned/Mixed Use
Neighborhood Housing Services Community Service Award -
Sustainability
LEED Silver Certification
NYSERDA Energy Star
Enterprise Green Building
