SOURCE: The Community Development Trust
NEW YORK, NY--(Marketwired - May 1, 2014) - The Community Development Trust (CDT), the country's first and largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing, today participated in the groundbreaking celebration on its most recent investment at Wincoram Commons, a $57.2 million affordable housing redevelopment in Coram, New York, located in the town of Brookhaven. CDT's largest forward commitment to date, this project marks the company's first deal in Suffolk County, New York.
CDT is working alongside Conifer Realty, LLC, the project's principal developer; the Community Development Corporation of Long Island (CDCLI), the development's nonprofit partner; and fellow financing partners -- including Capital One and Redstone Equity Partners. Together, the organizations are making a truly transformational effort which will redevelop a formerly blighted area into a new, mixed-use development with 176 workforce rental homes and 13,300 square feet of commercial space.
Wincoram Commons will create critically needed affordable housing for area residents, as well as facilitate further economic development in Coram. The result of this mixed residential and retail development will be a new town-center, equipped with the resources that residents need. CDT is providing a critical part of the long-term capital needed to finance this project, in the form of a $9.33 million 30-month forward commitment to originate a competitively priced 30-year fixed-rate loan for the first phase of the development.
"This project offers a fantastic combination of residential and retail space with the goal of holistic community development," said CDT President and CEO Joseph F. Reilly. "Wincoram Commons will not only provide brand new affordable housing for hundreds of local residents, it will also serve as a much-needed commercial and community hub for the town. This project is an important building block for the bright future of Coram, and we are thrilled to be a part of it."
As lead developer, Conifer Realty, LLC has proven to be a great partner on the project and will continue to manage the development of Wincoram Commons.
"This groundbreaking is the culmination of a complex collaborative effort of the public, non-profit and private sectors," said Allen Handleman, Vice President at Conifer Realty. "This would not be possible without vision and leadership of all levels of government, nor would it be possible without the good work of individuals at all levels of the many agencies, businesses and organizations that have contributed to successful commencement of Wincoram Commons. We are grateful to all those involved."
Conifer is working alongside CDCLI throughout the planning process, ensuring that Wincoram Commons will serve the area's local needs. As a local, community-based nonprofit organization, they will continue to play a significant role in securing the success of this new community.
"Wincoram Commons reached this successful milestone because of the overwhelming support of the Coram community and the commitment, hard work and funding from our public and private sector partners," said Marianne Garvin, CDCLI's President and CEO. "Investments of resources into revitalizing communities yield dramatic positive economic and social results and we are proud to be a part of this transformation."
Immediately following today's press conference, construction of the site began, signifying a new era of growth and development for the Coram community.
The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional and national partners, CDT makes long-term equity investments and originates and purchases long-term mortgages. In its fifteen years, CDT has provided nearly $1 billion in debt and equity capital to properties in 42 states -- helping to preserve and create more than 33,000 units of affordable housing. In addition to being a private REIT, CDT is a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender and a member of the Federal Home Loan Bank of New York (FHLBNY).