Last Tuesday, LIIF closed a $15.9 million acquisition loan with Breaking Ground to finance their purchase of three parcels in Long Island City, Queens, which will ultimately feature hundreds of affordable housing units in one of the nation’s most prohibitively costly cities.
On this site, Breaking Ground will develop a 248-unit supportive and affordable housing project, with all units serving households at or below 60% area median income (AMI), with half designated as supportive housing for formerly homeless individuals and families. Breaking Ground will serve as both property manager and on-site services provider. LIIF structured the financing with a $13.2 million senior loan on behalf of the New York City Acquisition Fund (NYCAF)—with LIIF participating at 2% ($264K)—alongside a $2.7 million subordinate loan from LIIF to bridge a capital constraint and enable full project funding.
Breaking Ground is one of the leading supportive housing providers in the country, having developed more than 4,700 units across more than 20 properties that have supported more than 12,000 people in need over the past 30 years. They remain a valued LIIF partner and top borrower with a deep well of expertise in affordable housing development.
which will ultimately feature hundreds of affordable housing units in one of the nation’s most prohibitively costly cities.