HOPE OF EAST FIFTH

Kalel Companies assembled and led a development team consisting of Hope Community Inc., Monadnock Development LLC, and Notias Development LLC to acquire and rehabilitate Hope East of Fifth LLC (HEF), a scattered-site multifamily modernization consisting of 506 units in 30  buildings, with a recapitalization value of $134 million. Capital improvements were completed with tenants “in place” and included roof and window replacements, boiler upgrades, exterior façade painting, common area and elevator modernizations, and full kitchen and bathroom renovations. 

Financing for this project included a restructuring of existing debt issued by NYC HPD and HDC, LIHTC equity, tax-exempt bonds issued by HDC and capital subsidy issued by HPD.