Polyclinic Apartments, a 151- unit affordable housing property located in Midtown Manhattan, was acquired by Standard Communities in 2017. The total capitalization of the deal was $110.25 million. The transaction preserved the property as affordable housing for the long term, with 150 units reserved for low-income families. Without these efforts, the property was “at risk” of conversion to market rate housing. Standard worked closely with the NYC Department of Housing Preservation and Development (HPD), HUD, and the City Council on the transaction, which was capitalized with private, non-LIHTC capital of more than $20 million and a ~$94 million HUD loan.