Dougert Management Corporation (DMC) is an established property and asset management firm with substantial experience in managing complex preservation projects. DMC’s current portfolio consists of 3,200 rental units across 150 properties. LIIF provided DMC with construction to permanent financing to rehabilitate five tax-foreclosed rental apartments buildings through the New York City Department of Housing Preservation and Development (HPD) Third Party Transfer (TPT) program. LIIF provided a $2.5 million construction loan that will convert to a permanent loan placed with NYC Retirement Systems (NYCRS). The deal also included a $4.2 million construction loan participation from NYC HPD. The financing will support the preservation of 54 affordable units and substantial property renovations in the Belmont and Tremont sections of the Bronx. DMC’s renovations include insulation, electrical and plumbing upgrades. The renovated buildings will be affordable to families earning between 50%-80% of AMI.
- 54 affordable housing units rehabilitated and preserved
- $2.5 million construction to permanent loan
- Dougert Management Corp.
- New York City Department of Housing Preservation and Development
- NYC Retirement Systems