The Situation

Once considered the toughest neighborhood in New York City, Hell’s Kitchen is now better known for its posh restaurants then the violence immortalized in movies like “Gangs of New York.” As one of the most expensive areas in the country, affordable housing is scarce and in demand. Standard Communities tapped Walker & Dunlop to help fill that need by financing the preservation and renovation of the historic Polyclinic Apartments. From its beginnings as a hospital in 1910, the building was converted into apartments in 1981, when it was first awarded a Section 8 Housing Assistance Payments (HAP) Contract. 

The Solution

Led by Chris Rumal, our team navigated an acquisition, negotiated multiple tax agreements, and coordinated with several government authorities to structure a $93,925,200 loan with the United States Department for Housing and Urban Development. 

The Results

“Acquiring and preserving this unique and well-located property as affordable housing when it was at-risk of converting to a market rate property was important to us. We are glad that all parties were able to support the creative structure used to ensure these apartments remain affordable for years to come.” - Standard Communities’ Co-Founder, Scott Alter