Wells Fargo provides $288 million for affordable housing project in Manhattan

Manhattan, NY Wells Fargo’s Community Lending and Investment has provided $288 million in financing to Joy Construction Corporation and Maddd Equities for the new construction of North Cove, a 100% affordable, mixed-use development located in the Inwood neighborhood.

The project’s 611 residential units will be reserved for households earning 27-110% of Area Median Income (AMI). Additionally, 94 units will be reserved for formerly homeless households and will be furnished and benefit from supportive services. Common amenities will include bike storage, community/recreation rooms, laundry facilities, outdoor/rooftop recreation areas, picnic areas and common area and in-unit Wi-Fi/high-speed Internet. The project will also include more than 60,000 s/f of commercial space, and 120 parking spaces. A public access waterfront park will be built adjacent to the project on land provided by New York City.

Duane Mutti and Katherine McAdams of CLI Debt arranged provided a $155 million Letter of Credit to back NYC-issued tax-exempt bonds, and Korbin Heiss and David Mayseless of CLI Equity provided a $133 million equity investment through the purchase of Low Income Housing Tax Credits (LIHTC) and New York State Brownfield Redevelopment Tax Credits (BRTC).   

Full Deal Team

Duane Mutti, managing director, Regional manager
Korbin Heiss, managing director, Regional Equity manager
Katherine McAdams, director, Senior CRE Relationship manager
David Mayseless, managing director, Senior CRE Relationship manager
Dennis Boothe, director, Senior Capital Markets Document negotiator 
Susan Toyofuku, vice president, Senior Loan Closing specialist 
Donyel Simon-Hill, associate, Senior Loan Closing specialist
Ross Stewart, managing director, Senior Credit officer for CLI & MFC
Mark Mendenhall, managing director, Senior Credit supervisor
Madalena Tran, associate, CRE Relationship manager
Rian Gipson, analyst, CRE Program analyst