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$94M Loan Preserves 151 Affordable Housing Units In Manhattan

November 29, 2017

Standard Communities has closed on a nearly $94-million loan structured by Walker & Dunlop Inc. that will preserve 151 affordable housing units at the Section 8 property Polyclinic Apartments here. Bethesda, MD-based Walker & Dunlop reports it structured the $93,925,200 loan with the U.S. Department of Housing and Urban Development for the Hell’s Kitchen property. This past October, Standard Communities, a division of Standard Property Co., acquired Polyclinic Apartments from Starrett Corp. for $110.5 million. Polyclinic Apartments, located on West 50th Street, between 9th and 8th avenues, was originally constructed in 1910 and a large addition was developed at the property in 1930.

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