Strada Ventures LLC is proud to have worked on a deal that closed in September 2023

Strada assisted in closing a $19 million deal for a Manhattan based non-profit organization providing housing and a complete range of treatment for opioids and other substance use disorders for New Yorkers living with addiction. The 40-unit Single Residence Occupancy (SRO) project is a home for residents who struggle with addiction and are HIV-positive. All units are limited to households earning no more than 50% of the Area Median Income. On-site social services are provided by the nonprofit owner through a NYC Human Resource Administration HASA contract and a HUD Continuum of Care contract.

Construction financing includes a first mortgage from the Community Preservation Corporation and capital subsidy from HPD’s Year 15 Program. The project will also benefit from NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP) grant funds to improve energy efficiency and resident comfort. The existing Moderate Rehabilitation SRO HAP contract was converted into a long-term, 20-year PBV HAP contract; a RAD conversion was completed to secure this long-term rental subsidy contract. The project also received a regulatory agreement from HPD that preserves affordability for at least 60 years. The regulatory agreement includes a provision to allow the owner to maximize rent collection from the new PBV HAP contract through Section 610 of the Private Housing Finance Law.