Case study : Mount Hope Preservation Apartments (MHPA)
Mount Hope Preservation Apartments was an ambitious refinance and rehabilitation and one of New York City’s largest repositioning to date. This project was funded by NYC Housing Development Corporation and The City of New York, acting by and through its Department of Housing Preservation and Development. The Project consists of thirteen (13) buildings containing approximately 497 residential units and approximately 9,000 square feet of commercial space in the Mount Hope neighborhood of the Bronx. The Project was a joint venture between The Mount Hope Housing Company, Inc., Monadnock Development, Notias Development and Kalel Holdings. The Project budget totaled approximately $100,000,000.00 including an approximately $30,000,000 construction loan from the NYC Housing Development Corporation.
Goldstein Hall is proud to have acted as project counsel in the Mount Hope Preservation Apartments affordable housing project. In representing the joint venture between The Mount Hope Housing Company, Inc., Monadnock Development, Notias Development and Kalel Holdings, we were heavily involved in all phases of pre-development, acquisition and construction financing.