Chester Helps Obtain Financing for NYC Projects
05/10/18 AT 12:23 PM
About the Program
New York City Economic Development Corporation (NYCEDC) has found that there is a substantial financing gap for emerging developers that want to work on projects below $30 million. As a result, NYCEDC is committing $10 million of capital to pilot the Emerging Developer Loan Fund.
The fund provides low-interest loans to New York City-based real estate projects including mixed-income housing, mixed-use, industrial and commercial projects, and projects with development costs under $30 million.
Basis Management Group is the official partner for this program.
Pre-Development & Acquisitions Financing
- Capital Flexibility: NYCEDC will provide financing to emerging developers for both the pre-development costs as well as the property acquisition costs
- Early and Long-Term Commitment: NYCEDC will invest early in the project and will make capital available until construction or permanent financing is secured
- Technical Assistance: Borrowers will be given access to a variety of advisory services to better administer their financing
Pre-Development and Acquisition costs may include:
- Legal and title costs
- Security deposits and rent payments
- Environmental assessments and appraisals fees
- Design and tax credit application fees
- Costs related to financing of the acquisition or ground leasing of a property
For more information on Basis Management Group, including application information, visit www.basisinvgroup.com Questions may be directed to Basis at 212.842.5712