WASHINGTON, D.C. – November 24, 2021 – Berkadia today announced the financing secured for Scheuer House of Manhattan Beach, a midrise multifamily property located in Brooklyn, New York. Managing Director Laura Smith of Berkadia D.C. Metro secured the $22.595 million in permanent refinancing on behalf of the borrower, New York-based JASA. The deal closed on November 18.
“This is the second refinance we’ve provided for our non-profit partner, JASA, this year. The new HUD 223(F) loan for Scheuer House of Manhattan Beach will allow our partner to complete over $5.8 million in repairs ($38k+ per unit), including modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and completing upgrades to the building exterior façade and grounds,” said Smith. “This will enable the low-income senior residents to live in an environment that is safe and includes all the additional community services JASA is so well known for providing.”
“As an industry leader in affordable senior housing, we see first-hand the overwhelming demand for affordable yet high-quality living spaces in New York City. With Berkadia’s support, this refinancing will allow us to complete necessary repairs to Scheuer House and ensure older adults in New York City can age in their own, beautiful homes with dignity and purpose,” said Donald Manning, JASA’s Executive Director of Real Estate & Management.
Located at 161 Corbin Place, Scheuer House of Manhattan Beach apartment complex consists of three connected buildings, totaling over 117,000 gross square feet. The one eight-story and two five-story buildings were constructed in 1964 and 1932, respectively. There are 149 Section 8 apartment units and one employee unit. The location in Brooklyn allows residents convenient access to Brighton Beach and the New York Aquarium.