Federated Provides Title Services for First JOE NYC Acquisition
February 2017 (Central Brooklyn, NY) − The Joint Ownership Entity (JOE NYC) and St. Nick’s Alliance Corporation acquired a portfolio of affordable housing units in a unique deal involving a nonprofit organization’s purchase of property owned by a for-profit developer.
Federated National Land provided title insurance for the portfolio of 43 buildings with 248 affordable apartments, known as the Watkins and Jefferson clusters.
JOE NYC is a consortium of 10 nonprofit groups that acts as owner and asset manager for affordable properties. St. Nick’s is a 41-year-old community development corporation that manages more than 1,100 affordable housing units.
“We are pleased to be involved in the JOE NYC- St. Nick’s project, which will ensure the availability of affordable units for low- and moderate-income renters in Brooklyn,” said Federated National Land Chief Executive Officer and General Counsel Sonia Blake.
Federated is also providing title services to prepare for an upcoming closing on the financing to rehabilitate the portfolio. St. Nick’s and JOE NYC acquired the units from MHR Management, Inc., a for-profit developer who had acquired the buildings and managed them under HPD’s Neighborhood Entrepreneurs Program. Financing was provided by the Local Initiatives Support Corporation and the New York Equity Fund, along with equity investments from both St. Nick’s and JOE NYC.
“Federated looks forward to continuing our work with JOE NYC’s community-based groups as they preserve existing affordable developments, acquire additional units, or create new projects,” said Blake.
About Federated National Land
Federated National Land is a full-service title insurance company and certified MWBE firm in New York and New Jersey offering exceptional attention and diligence for commercial and residential transactions. Federated’s diverse, professional staff brings credibility, collaboration, and expertise to affordable housing development projects with varied partners and multiple layers of public and private financing.
- November 1, 2017