Bostonia arranged $9.6M in 20-year permanent, credit tenant lease financing for a 60+ bed transitional housing facility located in Brooklyn, NY. The 20,000 SF building is owned by a non-profit corporation that has been in existence since the late 1980’s. The non-profit corporation entered into a long term contract with the City of New York to provide and administer temporary emergency housing and housing support for families determined to be eligible for shelter.
The City of New York’s Department of Homeless Services provides shelter for more than 10,000 men and women on any given night, expanding and contracting based on capacity needs. As an agency comprised of 2,000 employees, with an annual operating budget of approximately $1 billion, DHS is one of the largest organizations of its kind committed to preventing and addressing homelessness in New York City.