The AFL-CIO Housing Investment Trust (HIT) has made a $90 million investment in the Lands End II development on Manhattan's Lower East Side.
In making the announcement, the HIT said it had purchased $90 million of the $175 million Fannie Mae multifamily mortgage-backed securities from Beech Street Capital to help refinance the property. The refinancing will allow 490 rental units to remain affordable in the development's two 26-story towers, the HIT says.
‘The HIT is pleased to help preserve New York City's affordable rental housing through the investment of union pension capital in projects like Lands End II,’ says Carol Nixon, director of the HIT's New York City office. ‘This project demonstrates the HIT's long-standing commitment to improving the lives of New York City's residents through the capital it brings to housing projects in the city's five boroughs.’
Lands End II was New York City's first Section 8 family project, developed in 1979 by the Two Bridges Neighborhood Council, in partnership with the Settlement Housing Fund.
SOURCE: AFL-CIO Housing Investment Trust