Wincoram Ribbon Cutting Event, May 19, 2016
(see excerpts from Press Release below)
Community Development Corporation of Long Island (CDCLI) and Conifer Realty, LLC, joined today with Town of Brookhaven, Suffolk County and New York State officials, as well as civic leaders and private funders to celebrate the completion of construction and occupancy of Wincoram Commons in Coram New York. This beautiful, new $56 million development consists of 176 mixed-income multifamily rental apartments, 9,000 square feet of office/retail space, a community center, and a connector road between Route 112 and Route 25 which serves as the main street for the development.
Permanent financing sources include: a $9.3 million loan from The Community Development Trust; $7.5 million in tax-exempt bond proceeds from the NYS Housing Finance Agency; a $1 million loan from Empire State Development; $600,000 in Homes for Working Families; $2 million in Suffolk County Workforce Housing Infrastructure funds; $500,000 from CDCLI Funding Corporation; and $31.9 million in federal and state tax credit equity provided by Red Stone Equity Partners. Capital One and NYS Housing Finance Agency provided construction financing. The Town of Brookhaven Industrial Development Agency provided crucial development incentives.
“We come together today for a celebration of a new community. The buildings are beautiful, but it is the people who now live here who make this a special place. Within every apartment a family has a story of a life uplifted because so many dedicated people came together in partnership to replace blight with a hamlet center. We are so grateful for the support of all of our public and private sector partners who have made this development possible. You all have invested in the dreams of many people and helped us to transform lives,” said Marianne Garvin, President and CEO of CDCLI.
CDT Senior Vice President Brian Gallagher said, “This transformational project offers a fantastic combination of residential and retail space with the goal of creating a new town center for Coram. Developed holistically with extensive local support and input, Wincoram Commons will not only provide new affordable housing for hundreds of local residents, it will also serve as a much-needed commercial and community hub. This project is an important building block for the bright future of Coram, and we are thrilled to be a part of it.”
Senate Majority Leader John Flanagan stated, “This is a great day for the community. What was once a blighted location has been transformed into housing for dozens of families who will now call Coram home. Additionally, this project will continue to bring jobs and opportunities to this area to the benefit and betterment of all residents. Everyone at CDCLI, as well as all the public and private entities involved, should be very proud of what they have accomplished.”
Construction took 22 months, commencing in the spring of 2014. The new affordable apartments were widely publicized, and over 2,000 applications were received. A lottery was held in the spring of 2015 for the initial occupants and to establish a waiting list. The newly constructed homes are energy efficient and have been developed in accordance with New York’s Green Building Standards.
“Capital One Bank is grateful for the opportunity to have partnered with CDCLI and Conifer Realty, LLC and all the other funders to help make this great new community in Coram a reality”, said Fabian Ramirez, Senior Vice President.
“We were pleased once again to collaborate with our partners at Conifer Realty, Capital One and CDC Long Island,” said Richard Roberts, Managing Director of Acquisitions for Red Stone Equity Partners. “Wincoram Commons is an excellent example of what can be accomplished when innovative and committed partners come together for the benefit of the community. Affordable housing is essential to the long term health of Long Island and New York State and these new units contribute mightily to enhancing the quality of life in the Coram community. We here at Red Stone Equity Partners are proud to be part of this exciting project.”
Tim Fournier, President and CEO of Conifer Realty said, “Conifer could not accomplish what it has on Long Island without the unwavering support of CDCLI and the leadership and friendship of Marianne Garvin. Wincoram Commons is a true testament to the saying, ‘greatness of many.’ It was with superior public-private partnerships and collaborative team efforts that from what was once a blighted site of disrepair has risen a community for 176 households.”
About Community Development Corporation of Long Island
Community Development Corporation of Long Island (CDCLI) invests its resources, talents, and knowledge in the people of Long Island, helping them to achieve their dreams of an affordable home in a vibrant community. Since its inception 47 years ago, CDCLI has assisted more than 181,000 Long Islanders and invested $1.2 billion into the communities in which they live. For more information, please visit www.cdcli.org.
About Conifer Realty, LLC
Conifer is a nationally ranked, full-service real estate company specializing in the development, construction, management and ownership of high-quality, affordable housing communities. Since its inception in 1975, Conifer has grown considerably – currently owning and managing over 14,600 multifamily units representing 220+ apartment communities in New York, Maryland, New Jersey, Pennsylvania and Ohio. In addition, the Company consistently maintains a pipeline of over 30 unique projects in various stages of the development process.
About The Community Development Trust, Inc.
The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its sixteen years, CDT has invested over $1.2 billion in debt and equity capital to properties in 43 states and regions — helping to preserve and create over 40,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender, and a member of the Federal Home Loan Bank of New York (FHLBNY).