Newport Gardens is a 240-unit multi-family project located in the Brownsville neighborhood of Brooklyn, NY. Omni New York LLC acquired the property in June 2016 with financing provided by the New York State Housing Finance Agency and Wells Fargo Bank. HFA provided financing through the issuance of tax-exempt bonds that were supported by mortgage insurance from Fannie Mae and low-income housing tax credits. Wells Fargo acted as the Delegated Underwriting and Servicing Lender (“DUS”) and provided subordinate financing. The New York City Department of Housing Preservation and Development (“HPD”) also provided a real property tax abatement.
Approximately $12,250,000 will be spent renovating Newport Gardens. The scope of work will include the replacement and upgrading of building mechanics, new roofs, new doors, the repair and upgrade of boilers, repointing mortar joints in the brick walls, in-unit capital improvements, such as the installation of new floors, new windows; and the replacement of kitchen cabinets, appliances, countertops and fixtures; the replacement of bathroom vanities, sinks, faucets, bath tubs and tiles. In addition, the security systems at the property will be completely overhauled. This will include the installation of approximately 200 DVR surveillance cameras.