Conifer Realty, LLC, a national, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, and Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, announced the planned renovation of Andrews Terrace in New York. The 526-apartment building complex is located on Rochester’s waterfront and exclusively caters to seniors and disabled residents (and their families). This is the second joint community investment for Conifer and CPP in Rochester, following Keeler Park, which was purchased in October 2022.
Built in 1975, Andrews Terrace consists of two 19- and 22-story elevator-served residential buildings containing 526 studio, one-, and two-bedroom apartments. The buildings are connected fully on the first floor, with elevated outdoor walkways. In recent years, the development has faced capital repair and maintenance challenges beyond what the operating budget could cover. So, the community will receive extensive renovations estimated at $101 million, with a total project investment of approximately $335 million.
To help fund that, KeyBank Community Development Lending and Investment (CDLI) in partnership with the Urban Investment Group (UIG) within Goldman Sachs Asset Management, invested $135.6 million of 4% Federal LIHTC Equity and provided a $200 million construction loan. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Federal and State Historic Tax Credit equity of $37.2 million will be provided by Chase Community Equity.
All units will receive kitchen upgrades including new countertops, painting, new appliances, fixtures and cabinets. Bathrooms will also be renovated with the installation of new fixtures, vanity and wainscotting. Once completed, 5% of the community’s apartments will be brought into ADA compliance. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will also be renovated with drywall repairs, painting, new flooring and HVAC upgrades, as needed.
There will also be several new outdoor additions to the community including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area, and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. Additionally, elevators and electrical and plumbing systems will be upgraded. Windows and select doors will be replaced, and the façade will receive concrete and masonry repairs.
Renovations are scheduled to take 32 months to complete. And finally, the transaction includes a 20-year renewal to the Project-Based Section-8 contract from HUD.
