Richter Restrepo PLLC is proud to announce the successful closing of a transformative
project with our client, Bowery Residents Committee, Inc. (BRC).
This initiative involved the acquisition, substantial rehabilitation, and management of
three midsize buildings in the Bronx, New York, comprising 189 rent-stabilized and
affordable project units. Fifty percent (50%) of the units in each building are
allocated to homeless or formerly homeless tenants, ensuring lasting housing stability
for some of the city’s most vulnerable residents.
As part of the Master Lease for Homeless and At-Risk Persons RFP of the City of New
York, BRC was able to acquire these properties under a Master Lease financing structure
backed by a Human Services Contract with HRA. With the collaboration and participation
of NYC Housing Preservation and Development (HPD), NYC Human Resources Administration
(HRA), Citibank, N.A., and Merchants Capital Corp., BRC secured a financing stack of
approximately $142 million across acquisition, construction, and permanent financing to
bring this vision to life.
Beyond financing, this project also encompassed the relocation and rehousing of existing
tenants, preserving the community’s character and fabric while expanding affordable
housing opportunities.
👏 We extend our heartfelt congratulations to our client BRC and all partners who made
this possible: @Notias Construction, @Merchants Capital, @Citibank, @Aufgang Architects,
@HPD, @HRA, @Blank Rome LLP, @Sidley Austin LLP, and all other participants, including
counsel, finance consultants, development consultants, and others involved in this
transformative project.
At Richter Restrepo PLLC, we are honored to play a part in preserving and enhancing
affordable housing in New York City.
#AffordableHousing #CommunityDevelopment #NYC #HousingPreservation
#PublicPrivatePartnerships #Bronx #HomelessnessSolutions #Teamwork
#JessCherepski #MollyWilliams #MuzzyRosenblatt #NicoleClare #MayaEphrem #JuanCRestrepo
#ReginaldJRichter #MeibelMartinez
Published December 16th, 2025.