Citybizlist-BRP, Goldman Team on $45M Bedford-Stuyvesant Project

NEW YORK - The NYC Housing Development Corp. (HDC), NYC Housing Preservation and Development (HPD), Goldman Sachs Group Inc. and BRP Development have completed a $45 million deal to develop 105 units of affordable housing and 9,700 square feet of retail space in Brooklyn's Bedford-Stuyvesant.

Goldman Sachs is the sole private investor in the Bradford, slated for completion in summer 2012 and designed for LEED Silver certification. BRP Development Corp. is the developer of the mixed-income project, which is part of Mayor Michael R. Bloomberg's New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 affordable housing units for 500,000 New Yorkers by 2014. To date, the program has created or preserved nearly 108,600 affordable units in New York's five boroughs.

Goldman Sachs worked closely with HDC, the largest housing bond issuer in the country, and HPD, the largest municipal developer of affordable housing in the country, to develop an innovative structure, which for the first time allowed HDC financing to be used in conjunction with New Markets Tax Credits (NMTC). Click here to read more from Citybizlist!