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RAV Development helped to secure a $56.6 million loan for this planned senior housing complex in the South Bronx. Once built, the Senior Citizen Residence is expected to contain 122 units on approximately 68,000 square feet of space. Previously the site of a parking lot, East Clarke represents the kind of urban revitalization that is a hallmark of community-oriented, future-oriented property development.
RAV Development secured the site location, performed underwriting and created the project development team. Once complete, the project will have 75 apartments, including 65 studios and nine two-bedrooms, plus the superintendent apartment. Sixty percent of the apartments will provide supportive housing for veterans and people struggling with mental health issues, drug addiction and HIV/AIDS. Offices for supportive services, like a social worker, case manager, and job counselor will occupy most of the first floor.
RAV Development was involved in the initial lease-up through conversion and 8609 IRS filing. This project is a 10-story affordable and supportive housing development comprised of 66 studio, one- and two-bedroom units. It is the first building funded by the New York State Medicaid Redesign Team Housing Capital Program. The building sits among buildings half its size and nearly 80 years older. The design reflects the neighborhood's past and offers a vision of its future.
The Youth Residence is a supportive housing facility for which RAV Development provided lease-up, stabilization and 8609 IRS compliance. The facility serves two at-risk populations: young adults with behavioral health issues and chronically homeless adults struggling with mental illness or substance use issues. The 67 units provide on-site access to social services geared toward improving residents’ quality of life.
RAV Development provided project management services on the Truxton Residence from construction through lease-up. Built on formerly city-owned land, the five-story building includes 48 studio units for residents. The building also features 5,000 square feet of community space and a landscaped outdoor recreation area with seating and tables. The development was designed to meet Enterprise Green Communities criteria, the national standard for green building in affordable housing.
Located at 3361 Third Avenue in the Morrisania section of the Bronx, NY, the project consists of 63 units, including 38 units set aside for persons in need of supportive housing. The building meets Enterprise’s Green Communities Criteria, NYSERDA’s Multifamily Energy Star Rating and LEED Gold certification. The project was the first Bronx Pro development to be built using prefabricated modular construction. It was financed through the inaugural allocation of New York State’s Medicaid Reform Team, along with HFA tax exempt bonds, low-income housing tax credit equity and HPD subsidy provided by the supporting housing loan program. The project was completed in July 2015. Total Development Cost: $21MM
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