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.
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Property Type
Mixed-Income Multifamily
Retail
Affordable Housing Preservation -
Apartments
582 Studios, One, and Two Bedrooms
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Retail Space
10,000sf
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Development Cost
$53M
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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
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Awards
Affordable Housing Finance Reader's Choice Awards: Master-Planned/Mixed-Use Project
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Sustainability
NYSERDA Energy Star
