Wilder Balter opens senior housing complex

Real Estate Weekly, May 31, 2000

The newest affordable housing community for senior citizens in New York State officially opened its doors on May 17 with Lieutenant Governor Mary 0. Donahue and Housing Commissioner Joseph Lynch presiding at the ribbon-cutting ceremony.

Woodcrest Estates is the latest affordable senior housing community created by Wilder Balter Partners, LLC, one of the leading developers in New York State.

The new senior community at Port Jefferson Station is set on 48 acres, and includes one- and two-bedroom units, along with a clubhouse featuring a hearth room, library, kitchen, fitness center, laundry facilities, billiard room and swimming pool. One bedroom units rent for $775 $792 per month, and two-bedrooms, for $954 per month.

The Community Development Corporation of Long Island is the non-profit partner in Woodcrest Estates, while the Town of Brookhaven's Industrial Development Agency served as the bond issuing agency.

The funding for Woodcrest Estates was created through a unique process involving more than seven layers of financing. The overall financing for the project was made possible through a Demonstration Program initiated by the New York State Division of Housing and Community Renewal. These funds were coupled with state financing, bonds and tax credits to create the total package enabling the company to offer the units at affordable prices.

In addition, the project received a New York State Housing Trust Fund Loan of $3.9 million, while HSBC New York, a private bank, participated in securing a Federal Home Loan Bank of New York Affordable Housing Program Direct Subsidy of $495,000.

Woodcrest Estates was the first development outside of New York City for which financing was completed during the first year of the Demonstration Program. The funding package for Woodcrest was so innovative that the Division of Housing and Community Renewal subsequently used the Woodcrest Estates financing package as a model in securing funding for the second year of the program.

In addition to Woodcrest Estates, current senior rental developments under construction by Wilder Balter Partners include: Heritage Pointe Apartments in Hyde Park, NY, an 82-unit community; and Stone Hill Apartments in Washingtonville, NY, a 104-unit community. Wilder Balter has also entered into a joint venture to develop Brookview Gardens, a 204-unit senior community in Babylon NY.