Standard Communities, the affordable housing division of Standard Companies, a national, full-service investment and asset management firm, is pleased to announce that it has been selected as a finalist for the Affordable Housing Finance (AHF) Readers’ Choice Award for its work to preserve Polyclinic Apartments, a 151-unit property located in Midtown Manhattan, as affordable housing. The AHF Readers’ Choice Awards showcase the most innovative affordable housing transactions that were completed in 2017 and 2018. The finalists were selected based on the impact they have on residents, creative problem-solving, sustainable and inventive design, and innovative financing.
Preserving High-Quality Affordable Housing
Originally built as a hospital in the 1930’s, the historic 11-story building was converted to 151 multifamily units in 1979 and is comprised of one-, two- and three-bedroom apartments. With no long-term use restrictions in place, the property was at risk of conversion to market rate housing. Standard Communities’ acquisition structure resulted in the units being preserved as dedicated affordable housing for the long-term.
“Preserving affordable housing in areas like Midtown Manhattan is critical; we’re proud of the innovative structure used to keep these units as high-quality affordable housing for the families that call them home,” said Standard Co-Founder Scott Alter.
Added Co-Founder Jeff Jaeger, “This nomination acknowledges the importance of sustaining well-located affordable housing units across the country, which is difficult to do in high-cost areas like Manhattan. We’re excited that Polyclinic Apartments is being recognized for its unique structure and the impact it will have on residents and the New York City community. We look forward to building on this successful transaction and continuing to preserve affordable housing nationwide.”
Walker & Dunlop arranged the acquisition financing, which was one of HUD’s largest loan transactions of 2017. “The efficiency and focus that all parties brought to this difficult preservation effort is a great example of how public-private partnerships can work, and we are glad to have been a part of it,” said Walker & Dunlop CEO Willy Walker.
Leveraging a Strong Community Legacy
AHF identifies leaders in the affordable housing industry and highlights substantial properties throughout the country that are using innovative practices and processes to sustain critical infrastructure. The finalists were chosen from over 150 entries and are in 16 states, the District of Columbia and Puerto Rico.
Standard Communities’ Polyclinic Apartments was one of 36 developments selected as finalists in its 14th annual Readers’ Choice Awards competition. While legislators nationwide have acknowledged an affordable housing crisis that has worsened in recent years, Standard Communities continues to combat this crisis and focus on supporting properties that promote long-term community revitalization.
