Rockabill, a leading development partner and consultant to not-for-profit owners of affordable, support, and transitional housing, and the national commercial and multifamily mortgage banking company BWE, announced a refinancing of an affordable seniors housing community in Yonkers, New York. Monastery Manor comprises 147 one-bedroom units that are reserved for persons 62 years and older who earn no more than 50% of area median income. Residents contribute no more than 30% of their adjusted annual income toward rent.
Financing for the project included a $16.9 million Fannie Mae loan and an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. The loan was originated by Jim Gillespie and Ilya Weinstein of BWE. The borrower, Yonkers-based not-for-profit Finian Sullivan Corporation, will use proceeds from the refinancing to fund necessary renovations and pay off existing debt.
