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Deal Profile: Polyclinic Apartments
$114MM acquisition and preservation of affordable housing
on a prime block in Midtown Manhattan
Capitalized with private, non-LIHTC capital of more than $20
million and a ~$94 million HUD loan
$3MM tenant-in-place renovation that included a brand-new
daycare center and upgrades to unit interiors, building
systems, and common areas
All units were eyed for conversion to condos or market-rate
apartments upon the imminent expiration of all regulatory
agreements
Standard worked closely with the NYC Department of Housing
Preservation and Development (HPD), HUD, and the City
Council to ensure the city’s objectives for the property were
realized alongside Standard’s objectives for the property
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