In December 2018, CDT funded a $2.9 million permanent loan to Peconic Crossing Apartments, a newly constructed family development in downtown Riverhead, New York. Peconic Crossing is a 45-unit mixed income community with a focus in providing affordable units to area artists. The property was developed by a joint venture of Conifer Realty and Community Development Corporation of Long Island (“CDCLI”). The property has 16 one-bedroom and 29 two-bedroom units for households at 50%, 60%, and 90% of the area median income, with 34 on-site parking spaces, a fitness and community room, a laundry facility and a management office.
Although the project has no specific regulatory requirements that any units be occupied by artists, Peconic Crossing is contributing to an effort by the Town of Riverhead to grow the arts district in Long Island’s East End and increase affordable housing for artists. As a result, the development team worked with the East End Arts and Humanities Council, Inc., a local nonprofit arts organization, to market the property to artists and fill nearby art gallery space. East Ends Arts was involved in lease-up through participation in an artist review board, which qualified potential tenants applying under the artist preference category. Ten tenants moved into Peconic Crossing under this artist preference marketing effort.
CDT has financed several other communities with Conifer throughout New York, New Jersey and Maryland. Peconic Crossing is CDT’s third project with Conifer and CCDLI. In addition to CDT’s permanent loan, the development was financed with LIHTC syndicated by Red Stone Equity Partners and several subordinate loans from state and local public sources. Capital One provided both the construction loan and purchased the credits from Redstone.