Strada is happy to have assisted a New York City social service non-profit close a $15 million acquisition and predevelopment loan for the purchase of 245 Clarkson Ave, a parking lot in the Brooklyn neighborhood of Prospect Park – Lefferts Garden. The project, the first for this non-profit, will consist of the new construction of a 124-unit supportive housing development, offering essential services for youth aging out of foster care and individuals living with severe mental illness. The non-profit aims to provide much-needed onsite services in an accessible and meaningful way, provide early interventions to problems, and build relationships critical to their success.
In June 2024, Strada completed training 17 New York State affordable housing operators for Enterprise’s Asset Management University (AMU) 15-month training. AMU is Enterprise’s statewide initiative to help affordable housing operators more effectively manage their housing portfolios. Housing organizations led by (BIPOC) Black, Indigenous, and other people of color were prioritized. In those 15 months, Strada provided training and technical assistance to strengthen the internal operations and capacity of affordable housing owners and managers across New York State. We were honored to be chosen to lead this impactful work.
Strada is excited to announce the formation of Strada Development LLC, the company’s new housing subsidiary, as it takes on its first two projects. Partnered with Gilbane Development Company, Strada has closed on a $13 million acquisition loan for the purchase of 1931 Lafayette Ave., a parking lot in the Bronx neighborhood of Soundview. The project will consist of two 19-story buildings with over 400 affordable and supportive housing units, offering essential services for chronically unhoused individuals and affordable housing at various income levels. The project will also include commercial space and replacement parking. It is an honor to partner with the incredible Gilbane team, and we are grateful to the Low Income Investment Fund for its financial support.
Strada’s founder and principal, Courtney Horwitz, was pleased to be a panelist on the Professionals in Affordable Housing: Development Consultants Roundtable at this year’s New York State Association for Affordable Housing (NYSAFAH) conference. Held on May 16, 2024, Courtney joined Amy Chandra, Alexandria Hanson, Olusegun Obasanjo, and Catherine Townsend to provide insight as a Development Consultant in Affordable Housing.
In May 2024, Strada’s founder and Principal, Courtney Horwitz, served as co-chair of the 55th Fifth Avenue Committee (FAC) Annual Benefit and Awards Reception with Sam Marks, CEO of FJC. Under their leadership, the committee raised close to $300,000 — the largest amount of money ever raised at a FAC event. These crucial unrestricted funds support FAC’s work, serving thousands of New Yorkers each year through comprehensive programs advocating for economic, social, and racial justice for an inclusive city.
Courtney Horwitz (left) at the 55th FAC Annual Benefit
Across 9 projects, Strada applied for and was awarded 832/840 Section 8 Project-Based Vouchers (PBVs), HUD-funded rental assistance made available to affordable housing developers. These awards came from the New York City Housing Authority (NYCHA), the New York City Department of Housing Preservation & Development (HPD), and the Municipal Housing Authority for the City of Yonkers (MHACY). We’re pleased to assist these developers in their goal to create more affordable housing units in this city.
Strada Ventures LLC is proud to have assisted a for-profit BIPOC New York State development company close on their first two LIHTC transactions on their own, without a development partner. The first project closed in December 2023 and consists of the new construction of a 6-story, 24-unit affordable development in the Melrose section of the Bronx. Financing for the project came from a private loan from US Bank, HPD funding through the Neighborhood Construction Program (NCP), and a loan from the Federal Home Loan Bank of New York (FHLBNY).
The second project — closed in 2023 — consists of rehabilitating a 5-building, 122-unit affordable preservation development in West Harlem. Financing for the project came from a private loan from Webster Bank, an HPD Capital Subsidy, and a New York State Energy Research & Development Authority (NYSERDA) grant.
In 2023, Strada assisted an established mission-driven New York City non-profit [The Non-Profit] to apply for and successfully obtain a $9.7 million Homeless Housing Assistance Program (HHAP) award. The award will fund 72 affordable housing units. Forty-three of the units will be designated for survivors of domestic violence, all of whom will have access to the services they need to rebuild their lives.
On the same project, Strada helped The Non-Profit apply for and successfully obtain a $1.9 million 9% federal low-income housing tax credit (LIHTC). Seventy-one (71) units will be occupied in compliance with LIHTC requirements. The project will be located in the Morrisania section of the Bronx and consists of a 14-story energy-efficient building with a social services suite, meeting room, computer room, kitchen, and large community room.
Strada assisted in closing a $19 million deal for a Manhattan based non-profit organization providing housing and a complete range of treatment for opioids and other substance use disorders for New Yorkers living with addiction. The 40-unit Single Residence Occupancy (SRO) project is a home for residents who struggle with addiction and are HIV-positive. All units are limited to households earning no more than 50% of the Area Median Income. On-site social services are provided by the nonprofit owner through a NYC Human Resource Administration HASA contract and a HUD Continuum of Care contract.
Construction financing includes a first mortgage from the Community Preservation Corporation and capital subsidy from HPD’s Year 15 Program. The project will also benefit from NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP) grant funds to improve energy efficiency and resident comfort. The existing Moderate Rehabilitation SRO HAP contract was converted into a long-term, 20-year PBV HAP contract; a RAD conversion was completed to secure this long-term rental subsidy contract. The project also received a regulatory agreement from HPD that preserves affordability for at least 60 years. The regulatory agreement includes a provision to allow the owner to maximize rent collection from the new PBV HAP contract through Section 610 of the Private Housing Finance Law.
Strada Ventures LLC is thrilled to announce the hiring of two new employees last month.
Avery Dement joins the Strada team as a Senior Project Manager after working at the Low Income Investment Fund (LIIF) as an Underwriter. Prior to LIIF, Avery held multiple roles during her three-year tenure at the New York City Department of Housing Preservation and Development (HPD), including most recently Director of the Moderate Rehabilitation and Stabilization Loan Programs. During her time at HPD, Avery managed a pipeline of over 80 projects.
Alex Charnov joins the Strada team as an Assistant Project Manager after working for Frolic, an affordable housing development company based in Seattle. He also recently held research positions at the Federal Reserve Bank of Philadelphia and the Housing Initiative at Penn. At the Federal Reserve Bank, Alex studied the impact of tangled titles on generational wealth for Black Philadelphians.
Avery and Alex bring a wealth of experience and passion for affordable housing. We are proud to have them at Strada.
After receiving approval by the NYC Department of Small Business Services as a New York City Woman-owned Business Enterprise in 2020, Strada is pleased to obtain the comparable certification from The Empire State Development’s Division of Minority and Women’s Business Development as a New York State certified Women Business Enterprise in March 2023.
Courtney Horwitz from Strada Ventures LLC was pleased to be a panelist at this year’s 2023 New York State Association For Affordable Housing Annual Conference, held on May 18, 2023. Courtney joined Emily Lehman, Todd Gomez, Niall Murray and Ralph Fasano to discuss Innovative Solutions to Finance Affordable Housing.
Colin Murphy, a Deputy Director at Strada, was invited to sit on an Enterprise Community Partners Panel, on May 24, 2023. Enterprise invited faith leaders to their first, in person public event since the expansion of the Faith-Based Development Initiative in New York. The event addressed how faith-based organizations balance their development priorities: the legacy grounded in faith, the mission to create affordable housing and oftentimes new space for community programs and ministry, and the opportunity to build organizational and community wealth.
Colin, along with his esteemed co-panelists, discussed how faith based organizations and their partners are navigating complex issues as they reimagine property owned by houses of worship for community benefit.
Strada Ventures LLC is thrilled to be selected to develop the curriculum, present the training, and provide one-on-one technical assistance on asset management best practices for 25 affordable housing operators selected by Enterprise. Strada will provide 15 months of training and technical assistance to strengthen the internal operations and capacity of affordable housing owners and managers across New York State.
Strada Ventures LLC is proud to have worked on six deals that closed between December 2022 and February 2023.
Strada put together a 100% M/WBE team to complete the rehabilitation of an occupied 48 unit building in Brooklyn serving low-income tenants, 50% of whom are formerly homeless. Last year, Strada secured a predevelopment loan for its non-profit client. In December of 2022, Strada secured a first mortgage with CPC, two secondary loans from HPD, and grant funds from two NYSERDA programs. Additionally, Strada extended the Article XI tax abatement. The rehabilitation will include installation of broadband free of charge to the tenants, energy efficient upgrades, all new kitchens, baths and other in unit improvements, installation of aging in place accommodations, all new windows, a new roof, an upgraded heating system, and solar panels.
In December, Strada assisted in closing a $32 million deal for a different Brooklyn nonprofit which will create a 60-unit new construction building with 59 rental units serving households with an average income below 60 percent of HUD Area Median Income. Sixty percent of total units are reserved for formerly homeless individuals with severe mental illness or a substance use disorder. These 36 studio units will receive project-based NYC 15/15 Rental Assistance through NYC Housing Preservation & Development. All households will have access to on-site social services provided by the nonprofit owner through NYC Human Resource Administration’s Congregate Services RFP (NYC 15/15 services). Construction financing includes a first mortgage from Chase Bank, 9% Low Income Housing Tax Credits from NYS Homes & Community Renewal, and capital subsidy from HPD’s Supportive Housing Loan Program. The project also received a regulatory agreement and a 420-c tax exemption from HPD that preserves affordability for at least 60 years.
Outside of Brooklyn, Strada was the financial consultant on three acquisition/rehabilitation projects in the Buffalo, NY area. The projects all house low-income senior citizens. The projects all have PILOT agreements with the local IDAs, Section 8 HAP contracts and are funded with stand-alone tax credits from HCR and IDA bonds.
At the end of February Strada helped close on construction financing for the rehabilitation of a six-building, 78-unit Low Income Housing Tax Credit development in Central Harlem. Over the course of nine months Strada developed the project underwriting in coordination with the project sponsor, NYC Housing Preservation & Development, the LIHTC investor, and Community Preservation Corporation as lender. Strada provided the project sponsor with technical support through construction loan closing, which included assembling the closing draw schedule and flow of funds for the closing.
Strada is working with Fountain House, a national nonprofit organization fighting for the dignity and dreams of people living with serious mental illness (SMI). Fountain House is working with Strada Ventures LLC and Alembic Community Development to build a second Clubhouse, where people living with SMIs are part of a community that provides a holistic approach to recovery that counters isolation as well as psychosocial needs such as employment, housing and skill development.
Building upon Fountain House's strong relationship with Trinity Church Wall Street (Trinity), Strada and Fountain House secured a million-dollar Project-Related Investment (PRI) and Grant from Trinity. These funds will allow Fountain House to work in earnest to secure a construction loan and other sources of funds.
Building upon Strada’s popular Underwriting 101 series which Strada has conducted for the Association for Neighborhood and Housing Development (ANHD) multiple times, Strada will create and present three advanced underwriting classes. The first class, which was offered in the fall and co-taught with Goldstein Hall, was “Negotiating with LIHTC Syndicators.” The second class is “Construction Sources and Bond Tests” and the third class is, “Your LIHTC project is built or renovated! Now What?” Strada is thrilled to continue to work in collaboration with ANHD to advance their mission and educate community groups so they can build equity and justice in NYC.
Professional Women in Construction
Thursday, July 14, 2022 | 8:30 – 11:00 AM
Please join us to meet some of the impactful players in the affordable housing marketplace, understand
when and where the opportunities for involvement exist, and hear about important projects on the
drawing board.
Venue:
Shaw Contract Showroom
853 Broadway, 3rd Floor
New York, NY 10003
Agenda:
8:30 – 9:00 am: Networking and Breakfast
9:00 – 10:30 am: Panel Discussion
10:30 – 11:00 am: Networking
Moderator:
Courtney Horwitz, Founder and Principal, Strada Ventures LLC
Panelists:
Jenna Breines, Director of Real Estate Development, West Side Federation for Senior and Supportive
Housing
Rachel Ehrlich, AIA, LEED AP, Associate Principal, Dattner Architects
Katherine Gray, Development Director for Affordable Housing, Gilbane
Andrea Kretchmer, Principal, Xenolith Partners LLC
Sponsor:
WBP Development LLC
Event Co-Chairs:
Amy Beckman, AIA, LEED, AP, Principal, HOK
Jenny Freeman, Managing Director of Buildings, Group PMX
Nicole Woolard, SVP General Counsel, Barr & Barr, Inc.
Contact:
Jessica Braham, Manager, PWC NY Chapter
In December 2021, through a competitive RFQ process, Strada was selected by Enterprise Community Partners, Inc. to provide advisory services through the Enterprise Equitable Path Forward program.
Equitable Path Forward is a five-year, $3.5 billion nationwide initiative targeted to help dismantle the deeply-rooted legacy of racism in housing – from the types of homes that are built, where they’re built, who builds them, who has access to them, and the wealth that is generated from them. Affordable housing organizations with BIPOC leadership continue to encounter barriers to resources like loans, grants and technical support that impede their business growth compared to white-led organizations.
Strada is humbled and proud to be selected by Enterprise to advance this worthy initiative. Strada was selected to provide advisory services to four affordable housing organizations with BIPOC leadership. We will work to strengthen these BIPOC-led development businesses to accelerate their housing development capabilities and strengthen their operations.
Strada Ventures LLC is thrilled to announce the hiring of four new employees during the past 10 months. Adam Phillips joined Strada as a Director in April, 2021. Previously, Adam spent 5 years at the NYC HPD, where he held several positions within the Office of Development. In his most recent capacity, he served as the Deputy Director of the Multifamily Housing Rehabilitation and Green Housing Preservation Loan Programs.
Colin Murphy, joined Strada as a Deputy Director in November 2021. Colin comes to Strada from NYC HPD where he worked n the Division of Special Needs Housing and was then promoted to Deputy Director of the Supportive Housing Loan Program.
Soham Dhesi joined Strada as a Senior Project Manager in October, 2021. Soham comes to Strada from Union Bank where she was promoted three times. Her latest position was Assistant Vice President where she underwrote over $300M loans, $82M LIHTC investments, and $3M in swap fee income.
Colleen Patterson joined Strada as an Assistant Project Manager in February 2022. Previously, Colleen worked in Transactions Operations at Compass, Inc, a publicly traded real estate brokerage based in New York City. Colleen is currently working on her Master’s in Urban Planning at Hunter College, where she is concentrating on Housing.
Adam, Colin, Soham, and Colleen bring years of diverse experiences in the affordable housing industry and have already provided tremendous value to our clients and partners. We are proud to have them at Strada.