Bronx affordable senior housing development Fort Schuyler House will receive extensive upgrades and rental assistance for existing residents

Fort Schuyler Housing Development Company, Smith & Henzy Advisory Group, MDG Design + Construction, Concord Management, and Partners Announce $52.7 Million Project to Renovate and Preserve Affordability of 138 Senior Housing Units

Bronx affordable senior housing development Fort Schuyler House will receive extensive upgrades and rental assistance for existing residents

Bronx, NY – Fort Schuyler Housing Development Company, Smith & Henzy Advisory Group, Inc., MDG Design + Construction, LLC (MDG), Concord Management of New York, and partners announce the closing of a deal to renovate and refinance Fort Schuyler House, a 138-unit affordable senior housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve affordability for residents.

“We are excited to continue the original mission of Fort Schuyler House: to provide affordable living opportunities to seniors, an underserved population when it comes to affordable housing,” said Michael T. Rooney, Sr., principal of MDG Design + Construction. “With our dedicated partners, we will not only revitalize the units and building, but extend Fort Schuyler House’s affordability so that residents can continue to age in place in quality housing.”

“Fort Schuyler House has made possible a legacy of comfortable, affordable housing for low-income, independent seniors for the last 40 years. Founder Reverend Howard Weaving would be so proud to see the revitalization of his dream,” said John Murphy, Executive Director of Fort Schuyler Housing Development Company. “The refinancing and renovations presently being made through the first-rate expertise of Smith & Henzy and MDG will enable Reverend Weaving’s vision to continue on for the long term.”

Located at 3077 Cross Bronx Expressway in the Throgs Neck neighborhood of the Bronx, Fort Schuyler House was built in 1973 to offer safe, secure, independent living opportunities for seniors ages 62 and over. The eight-story building is comprised of 118 studio units, 20 one-bedroom units, and one two-bedroom unit.

“We on the Board and Staff at FSH are so grateful to Smith-Henzy and MDG for the work they have already done and will do to make these wonderful plans a reality for our seniors at Fort Schuyler House,” said Joan Ryan, president of the Board of Directors for Fort Schuyler Housing Development Company.

“Smith and Henzy Advisory Group is proud to be working with the Board members of Fort Schuyler Housing Development Company and MDG to preserve and rehabilitate 138 affordable apartments,” said Tim Henzy, Principal/Owner of Smith & Henzy. “This accomplishment would not have been possible without the hard work and assistance of NYSHCR, especially Roger Harry and Russell Hubley. We also would like to acknowledge the contributions of Nixon Peabody for their help in structuring this transaction.”

The project will provide extensive apartment improvements including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. The renovations will be done with tenants remaining in their homes to minimize the disturbance to residents.

The shared spaces and overall property will also receive upgrades including new flooring and finishes; new security and energy efficiency measures; a newly renovated auditorium; new tenant lounge; and extensive landscaping improvements including community roof terraces; a shuffleboard court; and sitting areas. Accessibility improvements include the installation of an automatic operating entrance and door knobs and locks with new lever handles.

“Senior residents have a specific need for compassionate and thorough management to ensure their homes provide a safe and healthy environment,” said Michael T. Rooney Jr., principal of Concord Management of New York. “We are proud to provide top-quality and thoughtful management services to ensure that residents can live comfortably and affordably for the long term.”

Fort Schuyler House was originally constructed under the New York State Mitchell Lama Program and HUD 236 Loan Program. In order to obtain rental assistance for existing residents, the HUD 236 mortgage will be prepaid, thereby enabling existing residents to receive Tenant Protection Vouchers that will then be converted to Project Based Vouchers at 110% of the 2018 New York City Fair Market Rent.

The financing of the project includes a combination of tax-exempt bonds and Low Income Housing Tax Credits. During construction, short-term and long-term bonds in a total amount of approximately $21.9 million will fund the project’s rehabilitation. Bond proceeds will be utilized to fund development costs and make the project eligible for Low Income Housing Tax Credits. Upon construction completion and project stabilization, tax credit equity will take out the short-term bonds.

Fort Schuyler Housing Development Company will continue to serve the local Bronx community as the Managing Member and General Partner of the property. In addition to Smith & Henzy Advisory Group, MDG Design + Construction, and Concord Management, project partners include architects Newman Design, engineers Antonucci & Associates, Architects & Engineers, LLP, and Nixon Peabody LLP as borrower counsel.

Fort Schuyler Housing Development Company

Fort Schuyler Housing Development Company is a New York non-profit corporation created in 1969 for the sole purpose of owning and managing Fort Schuyler House. The senior residence and organization is the result of collaborative relationship between Presbyterian Senior Services and the State of New York Division of Housing and Community Renewal that was spearheaded by the late Reverend Weaving.

About Smith & Henzy Advisory Group, Inc.

Smith & Henzy was founded by Darren Smith and Tim Henzy as a boutique advisory firm whose sole purpose is to provide support to non-profit organizations and for-profit developers to plan, implement, and complete their affordable development projects. Together they have 30 years of experience working in the affordable housing and finance industry. The firm’s primary focus over the last eight years has been advising, financing, and developing affordable housing in New York, New Jersey, Florida, Texas, Chicago, California and Washington DC.

About MDG Design + Construction, LLC

MDG Design + Construction (MDG) is a leading real estate firm that develops, constructs, and manages quality affordable housing. MDG specializes in the moderate rehabilitation and new construction of residential apartment buildings in New York, New Jersey, and Florida, and is the industry leader in occupied rehabilitations. For nearly 30 years, our hands-on approach and people-first philosophy has resulted in effective collaborations with developers, tenant organizations, community groups, and staff to produce high quality homes that residents are proud to live in. To date, MDG has created or preserved 17,000 units of affordable housing and is responsible for over $1.6 billion in construction and development. Learn more at www.mdgny.com.

About Concord Management of New York

Concord Management of New York is a full-service property management firm that specializes in affordable housing and mixed-income properties. Through its owner-affiliation with the Metropolitan Development Group, the company offers the entire spectrum of housing services a property owner may need relating to architecture, finance, development, construction, and bookkeeping. Concord’s diverse portfolio is comprised of 2,100 units with includes affordable housing properties with Project Based Section 8 contracts and Low-Income Housing Tax Credits. Concord owns and manages properties governed by HPD, HDC, HFA and HUD.