Updates from Strada
Strada Ventures LLC is thrilled to be selected to develop the curriculum, present the training, and provide one-on-one technical assistance on asset management best practices for 25 affordable housing operators selected by Enterprise. Strada will provide 15 months of training and technical assistance to strengthen the internal operations and capacity of affordable housing owners and managers across New York State.
Strada Ventures LLC is proud to have worked on six deals that closed between December 2022 and February 2023.
Strada put together a 100% M/WBE team to complete the rehabilitation of an occupied 48 unit building in Brooklyn serving low-income tenants, 50% of whom are formerly homeless. Last year, Strada secured a predevelopment loan for its non-profit client. In December of 2022, Strada secured a first mortgage with CPC, two secondary loans from HPD, and grant funds from two NYSERDA programs. Additionally, Strada extended the Article XI tax abatement. The rehabilitation will include installation of broadband free of charge to the tenants, energy efficient upgrades, all new kitchens, baths and other in unit improvements, installation of aging in place accommodations, all new windows, a new roof, an upgraded heating system, and solar panels.
In December, Strada assisted in closing a $32 million deal for a different Brooklyn nonprofit which will create a 60-unit new construction building with 59 rental units serving households with an average income below 60 percent of HUD Area Median Income. Sixty percent of total units are reserved for formerly homeless individuals with severe mental illness or a substance use disorder. These 36 studio units will receive project-based NYC 15/15 Rental Assistance through NYC Housing Preservation & Development. All households will have access to on-site social services provided by the nonprofit owner through NYC Human Resource Administration’s Congregate Services RFP (NYC 15/15 services). Construction financing includes a first mortgage from Chase Bank, 9% Low Income Housing Tax Credits from NYS Homes & Community Renewal, and capital subsidy from HPD’s Supportive Housing Loan Program. The project also received a regulatory agreement and a 420-c tax exemption from HPD that preserves affordability for at least 60 years.
Outside of Brooklyn, Strada was the financial consultant on three acquisition/rehabilitation projects in the Buffalo, NY area. The projects all house low-income senior citizens. The projects all have PILOT agreements with the local IDAs, Section 8 HAP contracts and are funded with stand-alone tax credits from HCR and IDA bonds.
At the end of February Strada helped close on construction financing for the rehabilitation of a six-building, 78-unit Low Income Housing Tax Credit development in Central Harlem. Over the course of nine months Strada developed the project underwriting in coordination with the project sponsor, NYC Housing Preservation & Development, the LIHTC investor, and Community Preservation Corporation as lender. Strada provided the project sponsor with technical support through construction loan closing, which included assembling the closing draw schedule and flow of funds for the closing.
Strada is working with Fountain House, a national nonprofit organization fighting for the dignity and dreams of people living with serious mental illness (SMI). Fountain House is working with Strada Ventures LLC and Alembic Community Development to build a second Clubhouse, where people living with SMIs are part of a community that provides a holistic approach to recovery that counters isolation as well as psychosocial needs such as employment, housing and skill development.
Building upon Fountain House's strong relationship with Trinity Church Wall Street (Trinity), Strada and Fountain House secured a million-dollar Project-Related Investment (PRI) and Grant from Trinity. These funds will allow Fountain House to work in earnest to secure a construction loan and other sources of funds.
Building upon Strada’s popular Underwriting 101 series which Strada has conducted for the Association for Neighborhood and Housing Development (ANHD) multiple times, Strada will create and present three advanced underwriting classes. The first class, which was offered in the fall and co-taught with Goldstein Hall, was “Negotiating with LIHTC Syndicators.” The second class is “Construction Sources and Bond Tests” and the third class is, “Your LIHTC project is built or renovated! Now What?” Strada is thrilled to continue to work in collaboration with ANHD to advance their mission and educate community groups so they can build equity and justice in NYC.
Professional Women in Construction
Thursday, July 14, 2022 | 8:30 – 11:00 AM
Please join us to meet some of the impactful players in the affordable housing marketplace, understand
when and where the opportunities for involvement exist, and hear about important projects on the
drawing board.
Venue:
Shaw Contract Showroom
853 Broadway, 3rd Floor
New York, NY 10003
Agenda:
8:30 – 9:00 am: Networking and Breakfast
9:00 – 10:30 am: Panel Discussion
10:30 – 11:00 am: Networking
Moderator:
Courtney Horwitz, Founder and Principal, Strada Ventures LLC
Panelists:
Jenna Breines, Director of Real Estate Development, West Side Federation for Senior and Supportive
Housing
Rachel Ehrlich, AIA, LEED AP, Associate Principal, Dattner Architects
Katherine Gray, Development Director for Affordable Housing, Gilbane
Andrea Kretchmer, Principal, Xenolith Partners LLC
Sponsor:
WBP Development LLC
Event Co-Chairs:
Amy Beckman, AIA, LEED, AP, Principal, HOK
Jenny Freeman, Managing Director of Buildings, Group PMX
Nicole Woolard, SVP General Counsel, Barr & Barr, Inc.
Contact:
Jessica Braham, Manager, PWC NY Chapter
In December 2021, through a competitive RFQ process, Strada was selected by Enterprise Community Partners, Inc. to provide advisory services through the Enterprise Equitable Path Forward program.
Equitable Path Forward is a five-year, $3.5 billion nationwide initiative targeted to help dismantle the deeply-rooted legacy of racism in housing – from the types of homes that are built, where they’re built, who builds them, who has access to them, and the wealth that is generated from them. Affordable housing organizations with BIPOC leadership continue to encounter barriers to resources like loans, grants and technical support that impede their business growth compared to white-led organizations.
Strada is humbled and proud to be selected by Enterprise to advance this worthy initiative. Strada was selected to provide advisory services to four affordable housing organizations with BIPOC leadership. We will work to strengthen these BIPOC-led development businesses to accelerate their housing development capabilities and strengthen their operations.
Strada Ventures LLC is thrilled to announce the hiring of four new employees during the past 10 months. Adam Phillips joined Strada as a Director in April, 2021. Previously, Adam spent 5 years at the NYC HPD, where he held several positions within the Office of Development. In his most recent capacity, he served as the Deputy Director of the Multifamily Housing Rehabilitation and Green Housing Preservation Loan Programs.
Colin Murphy, joined Strada as a Deputy Director in November 2021. Colin comes to Strada from NYC HPD where he worked n the Division of Special Needs Housing and was then promoted to Deputy Director of the Supportive Housing Loan Program.
Soham Dhesi joined Strada as a Senior Project Manager in October, 2021. Soham comes to Strada from Union Bank where she was promoted three times. Her latest position was Assistant Vice President where she underwrote over $300M loans, $82M LIHTC investments, and $3M in swap fee income.
Colleen Patterson joined Strada as an Assistant Project Manager in February 2022. Previously, Colleen worked in Transactions Operations at Compass, Inc, a publicly traded real estate brokerage based in New York City. Colleen is currently working on her Master’s in Urban Planning at Hunter College, where she is concentrating on Housing.
Adam, Colin, Soham, and Colleen bring years of diverse experiences in the affordable housing industry and have already provided tremendous value to our clients and partners. We are proud to have them at Strada.
Starting this July, Association for Neighborhood and Housing Development (ANHD) is very pleased and excited to offer Underwriting for Affordable Housing Summer Intensive, a workshop series on understanding HPD/HDC term sheets. This intensive training will offer instruction on financing low-income multi-family rental projects. Over the course of 5 weeks, participants will learn how to create financial models for affordable housing projects in NYC, with a specific focus on the Extremely Low and Low-Income Affordability Program (ELLA) and 4% Low Income Housing Tax Credits in an interactive setting that will foster peer-to peer learning and build critical skills needed in the NYC housing development field.
The series will be taught by Courtney Horwitz (she/her) from Strada Ventures LLC. Courtney is the Founder and Principal of Strada and has worked in nearly every aspect of housing development and asset management for 20 years. Prior to starting Strada, Courtney worked at Omni New York LLC. She is currently on the Real Estate Advisory Counsel of The Fifth Avenue Committee. She is a former board member of Women in Housing Finance and the past treasurer of the board of Neighbors Helping Neighbors.
This virtual training series will begin on Tuesday, July 20th and conclude on Tuesday August 17th. Each workshop will run from 10 AM to 12 PM each week (Tuesday). Participants are strongly encouraged to attend all five trainings. Class size will be limited to 10 participants to ensure deep engagement and interaction with the instructor and participants. Register to reserve your spot today
https://anhd.org/trainings/underwriting-affordable-housing-summer-intensive
Strada is proud to announce that, through a competitive RFP process, we have been selected by New York State Homes and Community Renewal (HCR) to be a Section 8 Housing Choice Voucher Program Special Purpose Local Administrator. We are pleased to be a part of HCR's pre qualified panel of firms. Additionally, we look forward to partnering with another Woman-Owned Business Enterprise, KH-CottagePlace, in this work.
We are proudly sponsoring Riseboro’s
being livestreamed and taking place
Tuesday, September 22 from
5:30 pm to 7:00 pm.
Join the RiseBoro Community Partnership’s board, staff, business partners, local leaders, clients and more at our 2020 Gala: “No Matter the Odds” on Tuesday, September 22nd, 2020. The current health and social injustice challenges make RiseBoro’s mission more important than ever, as social and economic inequities across New York are magnified.
The event will outline ways Riseboro is working to address these critical issues, while also
providing an engaging celebration for all participants!
Strada Ventures is pleased to announce our certification as a Women Owned Business Enterprise (WBE) by the New York City Department of Small Business Services. “We are proud to be counted as a NYC WBE. The WBE designation creates opportunities for diverse businesses to further expand their impact and it reinforces Strada’s commitment to excellence, “ stated Courtney Horwitz, Founder of Strada Ventures.
Courtney Horwitz from Strada Ventures LLC was a panelist at the sold out Women in Housing and Finance Spring Panel, "How to Start Your Own Real Estate Company" , at Nixon Peabody's New York Office. Women in Housing and Finance developed this panel discussion so the audience could hear from five women who are founders, CEOs and principals of their own New York City Companies.
