top of page

Park Lake Apartments: Preserving Affordable Housing on Long Island

A Hard Fought Battle Brings New Life and Economic Prosperity to Nassau County


Originally built in 1948 as military housing, Metropolitan Realty Group and Silver Street Development closed on the complex financing, with equity provided by Signature Bank, for Park Lake Apartments in October 2021. In this new chapter for Park Lake, the community will undergo major renovations to benefit the 238 individuals and families that call 295 South Franklin Street home.


Scott Jaffee, Managing Partner of the project said, “This multi-year effort to transform hundreds of units into best-in-class affordable housing is now taking shape, thanks to the support of partners such as Signature Bank. It will result in a more vibrant and sustainable community for generations to come.”

“Our investment in Park Lake Apartments comes at a timely point for Signature Bank. Investing more than $43 million in this state-of-the-art rehabilitation effort is consistent with our 20th anniversary theme of Looking Forward, Giving Back,” said Joseph DePaolo, President and Chief Executive Officer of Signature Bank.






“This investment affords us the opportunity to partner with two distinguished affordable housing developers, Metropolitan Realty Group and Silver Street Partners, to make a difference by improving 238 units of affordable housing in this energetic community. The complex adds so much to the vitality and vibrancy of the town of Hempstead,” DePaolo concluded.


Park Lake supports a census tract minority population of 99.6%, where 238 LIHTC rental assistance homes are offered to residents who earn 60% of area median income (AMI). Through the Hempstead IDA economic incentives granted to former owner, Omni New York LLC, transferred to the MRG/Silver Street partnership, along with a 10-year extension package of tax benefits.


“With an ongoing need for quality and safe affordable housing, the transformation of Park Lake will have a profound impact on the community and the lives of the many residents who are proud to call Park Lake home,” said Michael Murray, Senior Vice President – Originator at CREA. “CREA thanks Scott Jaffee with Metropolitan Realty Group, Chris Poulin with Silver Street Development Corporation and Joseph DePaolo with Signature Bank, along with the many other partners involved who continue to improve affordable housing communities like Park Lake.”


To assure the long-term preservation at Park Lake, rehabilitation will include:

  1. Energy efficiency improvements including solar panels, updated heating and hot water system, efficient lighting and water saving devices

  2. Full interior rehabilitation, including kitchens, baths and room finishes

  3. Exterior updates, such as new window and roof

  4. New community building

“This complex has provided an affordable place for people to live in the Village of Hempstead for more than 70 years, and our assistance package will provide continued affordable housing while helping the new owners re-invigorate the complex,” Fred Parola, Executive Director at the Hempstead Industrial Development Agency (source).


Financial Support & Partnership: Park Lake Apartments received $43.4MM+ in total LIHTC equity through CREA Corporate Tax Credit Fund XXX with Signature Bank, making it CREA’s third largest closed development by equity to date. Additional financing for the rehabilitation was provided by Rockport Mortgage/HUD.

 

Metropolitan Realty Group: Metropolitan Realty Group is a full-service property management company and real estate developer with an expertise in affordable housing. The company specializes in rehabilitation of distressed properties. Currently, Metropolitan Realty Group has over 3,500 units of Project Based Section 8 Housing with an aggregate value in excess of $1 billion. For more information, visit www.metreal.com.

 

Silver Street Development: Silver Street Development Corporation is an organization dedicated to the quality preservation, operation, and growth of affordable housing in the United States. With a growing portfolio of over 10,000 units, and with offices located in Portland, Maine, Wilmington, North Carolina, and Washington, DC, Silver Street Development Corp. has never been in a better position to offer secure and beneficial affordable housing opportunities to sellers, investors, and residents alike. For more information visit, www.silver-street.net.

 

Signature Bank: Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.

Since commencing operations in May 2001, Signature Bank reached $107.85 billion in assets as of September 30, 2021. With $95.57 billion in deposits at third quarter-end 2021, Signature Bank placed 22nd on S&P Global’s list of the largest banks in the U.S., based on deposits.

The Bank’s approach to community development is based upon forming strategic partnerships to meet the credit needs of individuals, businesses, municipalities and community-based organizations. The Bank makes available a broad array of loan, investment and service products for its many constituents, and provides technical assistance, training and grants to individuals and not-for-profit organizations active in meeting the needs of communities it serves.


For more information, please visit https://www.signatureny.com.

bottom of page