YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan to refinance debt on Monastery Manor, a 147-unit affordable apartment building for seniors just north of New York City in Yonkers.
The borrower is nonprofit owner-operator Finian Sullivan Corp. Proceeds from the refinancing will be used to fund renovations at the property and pay off existing debt.
The refinancing also includes an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. BWE’s Jim Gillespie and Ilya Weinstein originated the loan.
Units are designated for persons 62 years and older and who earn no more than 50 percent of area median income (AMI). As part of the property’s affordability protections, residents contribute no more than 30 percent of their adjusted annual income toward rent. According to the property website, in 2021 that equated to $48,550 for one person and $55,450 for two people.
One-bedroom apartments total approximately 525 square feet.