Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), announced today that it has provided a credit facility totaling $15.7 million to West Farms Apartments, an affordable housing initiative in the Crotona Park East/East Morrisania section of the Bronx. The credit facility includes a $12 million construction loan and a $3.7 million senior commercial multifamily mortgage. The deal closed on January 19, 2017.
West Farms Apartments is a proposed new construction of an 81-unit affordable apartment building for the transition of homeless persons living with HIV/AIDS from shelters to permanent housing in the Bronx. According to the New York City Department of Homeless Services, there are more than 60,500 homeless residents in New York City, including more than 10 percent of whom are HIV positive or suffering from AIDS. Development on the project, which will be led by the Walison Corporation, is expected to commence in April of 2017 and will be completed within 24 months.
"Sterling is fully committed to community reinvestment and development," said Vinny DeLucia, Sterling's Executive Vice President and Regional Banking President of New York and New Jersey. "This project reflects our continued support for those in need and our commitment to financing affordable housing."
Read the full press release on our Investor Relations website.