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 41 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 pointing, common area and elevator modernizations, and 100% rehabilitation of apartment kitchens and bathrooms. 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.