Bedell Terrace is a Mitchell-Lama property located in Hempstead, New York on Long Island. The property consists of 245 units, the majority of which are one-bedroom apartments, in 26 buildings. Omni New York LLC acquired the property on September 30, 2009 with financing provided by the New York State Housing Finance Agency (“HFA”) and Nassau County. HFA provided a mortgage financed by tax-exempt bonds, low-income housing tax credits and subordinate financing. Nassau County provided HOME, Neighborhood Stabilization Program and Community Development Block Grant funds. The transaction also benefited from grant funds from the Weatherization Assistance Program and National Grid to finance energy efficient rehabilitation.
Over $20 million dollars was spent on the building renovations that were completed in March 2011. The scope of work included the renovation of the lobby areas, new intercoms, the replacement and upgrading of structural systems and building mechanics (plumbing and electrical), new roofs, brick pointing, new doors, landscaping, new high-efficiency boilers, and a DVR security camera system with 200 cameras throughout the building. Additionally, tenant units received capital improvements such as the installation of new floors, new windows, the replacement of kitchen cabinets, Energy Star appliances, countertops and fixtures, and the replacement of bathroom vanities, sinks, faucets, bath tubs and tiles.