CDT provided a $10 million 30-year mortgage for the financing of Wincoram Commons Phase I. Developed jointly by Conifer Realty, LLC and Community Development Corporation of Long Island (CDCLI), Wincoram Commons is the successful redevelopment of a previously blighted site in the center of Coram, New York – a hamlet in the Town of Brookhaven. This comprehensive new $56 million development consists of 176 mixed-income multifamily rental apartments, 9,000 square feet of office/retail space, a community center and extensive new roads and infrastructure – all creating a new town center for Coram. CDT financed the first phase of the development, consisting of 98 units and commercial/community space.
Wincoram Commons is supported by federal low income housing tax credits (LIHTC), extensive county and state support, as well as benefiting from a payment in lieu of taxes (PILOT) agreement with the Brookhaven Industrial Development Agency.
Following a 30-month forward commitment and development period, CDT funded the first permanent mortgage on phase one in August 2016. Capital One financed the overall construction of Wincoram Commons as well as investing equity capital through the development’s LIHTC commitment. This is CDT’s first transaction with Conifer Realty and CDCLI. It is also CDT’s first investment in Suffolk County, New York and is one of its largest mortgage transactions to date.