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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

Application

For more information on Basis Management Group, including application information, visit www.basisinvgroup.com Questions may be directed to Basis at 212.842.5712