John N. Vagianelis Represents Liberty Affordable Housing Inc. in Historic Pastures Mansions Transaction
Liberty Affordable Housing Inc., a not-for-profit affordable housing developer headquartered in Rome, New York, closed December 30, 2014, in New York City on its acquisition and rehabilitation financing for an affordable housing project to be known as Historic Pastures Mansions containing eighty-eight (88) buildings and two hundred forty-six (246) affordable housing units in the South End of the City of Albany.
John N. Vagianelis, Esq. of Mazzotta, Sherwood & Vagianelis, P.C., an Albany, New York law firm, represented Liberty Affordable Housing Inc. in the transaction.
The New York State Housing Finance Agency provided almost $27 million in mortgage loan financing and allocations of Federal and New York State low-income housing tax credits through the sale of tax exempt bonds which tax credits were syndicated by Raymond James Tax Credit Funds. The State of New York Mortgage Agency also provided mortgage insurance for the project’s permanent mortgage loan.
Citibank, N.A. provided a $2,200,000 subordinate loan and the City of Albany approved a $400,000 HOME Program mortgage loan and Capitalize Albany Corporation also provided for the assumption of existing project debt.
The City of Albany also approved a thirty-two year payment-in-lieu of tax agreement for the project.
The United States Department of Housing and Urban Development also provided financial assistance by way of allowing the assumption of existing subordinate HUD Mark-to-Market mortgage debt and approved the renewal of existing Section 8 Housing Assistance Payments Contracts.
Carkner Construction, LLC is the project’s general contractor, Harris A. Sanders, Architects, P.C. is the project’s architect and CRM Rental Management, Inc. is the project’s management agent. All 246 units at Historic Pastures Mansions will be rehabilitated with new bathrooms, windows, doors, mechanical systems and amenities and preserved as affordable housing units.
Liberty Affordable Housing Inc. has developed or re-developed nineteen other affordable housing projects containing 2,284 affordable housing units across New York State, including projects in Buffalo, Amsterdam, Binghamton, Utica, Ticonderoga and Queensbury.