National Standard Abstract Provides Title Insurance For CB Emmanuel $30 Million Rehabilitation Project
Queens, NY National Standard Abstract (NSA) closed a $30 million rehabilitation project slated for the Calvary Baptist Church Senior Housing complex to preserve 100 studio and one-bedroom apartments for low-income seniors, including formerly homeless individuals in the area.
As a full-service title insurance agency with expertise in faith-based developments, National Standard Abstract helped the project move past the unprecedented challenges resulting from the ongoing COVID-19 pandemic.
Since launching in 2015, the Black- and family-owned firm, has closed over $1 billion in residential and commercial transactions within New York and New Jersey.
“Seniors are the cornerstones of our communities. These are the matriarchs and patriarchs who were not afraid to make tough choices or sacrifices for the common good. We owe a debt of gratitude to these hard-working individuals who created safe spaces to raise a family, establish schools and small businesses. They deserve to live comfortably and age in place. Strengthening communities is at the core of everything we do at National Standard Abstract. We are proud to partner on the Calvary Baptist Church senior housing rehabilitation project and make this vision a reality,” said Osei Rubie, founder and president of National Standard Abstract.
As the bridge to building one community at a time, National Standard Abstract expanded its footprint into philanthropy through the Osei Rubie Charitable Fund to help end racial inequity and support the organizations working on the ground to create real change.
“In New York City, rising rent has outpaced household income. The demand for affordable housing is growing – particularly among our aging population who live on a fixed income. We need to expand access to housing stability for all New Yorkers to keep families and communities intact. At National Standard Abstract, we are committed to empowering our faith-based partners to close the gap and provide the security that our seniors need,” said Nadir Rubie, partner of National Standard Abstract.
The property, located at 160-60 Claude Ave., will undergo extensive interior and exterior upgrades. The studio and one-bedroom apartments will be retrofitted with new kitchen cabinets, plumbing fixtures and fittings, accessories, ceramic bathroom wall and floor tile, appliances, windows and sills, lighting fixtures, flooring, and a fresh coat of paint. The building will become more energy-efficient following electrical upgrades; the installation of a new roof, windows in the common areas, and solar panels.
The scope of work also includes enhancements to the entry lobby, including the addition of a vestibule and other common areas, the modernization of the hydraulic elevator; replacement of specific mechanical equipment such as the common area HVAC units; site repairs to the exterior brick façade, concrete walks, parking lot, other hardscape and landscape surfaces.
The scope of work on the 100% affordable residential development is expected to be completed in 2022.
The Calvary Baptist Church, CB-Emmanuel Realty, and Richman Housing Resources LLC worked in collaboration with the New York State Homes and Community Renewal (HCR) and the New York City Department of Housing Preservation and Development (HPD) to secure financing.
“CBE is honored to have closed this deal and bring the late Deacon Kent Garrett’s vision to reality,” said Chris Bramwell, managing partner of CB-Emmanuel Realty, LLC. “Having grown up in South Jamaica, it is particularly meaningful to me to be able to preserve affordable housing for the village that raised me and I look forward to seeing this rehabilitation serve as a catalyst to neighborhood improvement at large. We are excited to partner with the Calvary Baptist Church of Jamaica and thank Pastor Victor Hall and the CALBC Board as well as Governor Cuomo and NYS HFA for the support provided to this deal.”
The allocation of funding includes Low Income Housing Tax Credit equity, 4 percent tax-exempt bonds issued by HCR, and capital subsidy provided by the Housing Trust Fund Corporation acting by and through the Governor’s Office of Storm Recovery (GOSR). Chase provided the Letter of Credit.
“Throughout this pandemic, we’ve worked hard to keep Governor Cuomo’s promise to create and preserve affordable homes for those who are most in need. The Calvary Baptist Church Senior Housing complex in Jamaica has always been a nurturing community, but because of its age is in need of an overhaul. Thanks to our partner, CB Emmanuel, the more than 100 seniors who live here will get an improved standard of living and the assurance that their homes will stay affordable far into the future,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas.
The project was designed by SMA Architecture Planning Interiors PC and Tri-Sec Construction LLC is the General Contractor. Nixon Peabody LLP represented CB-Emmanuel; JDF LLC represented Richman Housing LLC, the Low Income Housing Tax Credit equity syndicator; Baker Greenspan & Bernstein, Esqs represented Calvary Baptist Church and the Seller; Phillips Lytle LLP represented JPMorgan Chase; and Holland & Knight represented GOSR on the transaction.
Original Article here
