Development Site Loan Secured By Douglaston Development & Entertainment Community Fund

The development site located at 1057 Atlantic Avenue in Hell’s Kitchen, Manhattan, has secured construction financing for Rialto West, an affordable housing project consisting of 158 units. The loan amount secured for this project is $125,000,000, with funding provided by Eric Enderlin from the New York City Housing Development Corporation and New York City Department of Housing Preservation & Development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $125,000,000
• Units: 158
• Lender: Eric Enderlin - New York City Housing Development Corporation & New York City Department of Housing Preservation & Development
• Landlord: Jed Resnick - Douglaston Development & Joseph P. Benincasa - Entertainment Community Fund

Douglaston Development and the Entertainment Community Fund are the entities behind the secured construction financing for the Rialto West project. The financial support for this 158-unit affordable housing endeavor in Hell’s Kitchen was backed prominently by over $106 million in funding from the HDC and HPD, showcasing a commitment to providing housing solutions in the area.