A prominent mixed-use development, featuring 176 workforce homes, is rising in Coram, a community in Brookhaven, N.Y.
Conifer Realty, the principal developer, and Community Development Corporation of Long Island, the nonprofit partner, have broken ground on the $57.2 million Wincoram Commons. Featuring 13,300 square feet of commercial space, the development will establish a new town center.
The redevelopment of the property, a vacant and blighted movie theater complex, was named a priority by the Long Island Regional Economic Development Council
The deal marks the Community Development Trust’s (CDT’s) largest forward commitment to date. CDT is providing a critical part of the long-term capital needed to finance this project in the form of a $9.33 million, 30-month forward commitment to originate a competitively priced 30-year fixed-rate loan. Wincoram Commons is also the first deal in Suffolk County for CDT, a private real estate investment trust that provides capital for the preservation of affordable housing.
Other financing partners include Capital One and Red Stone Equity Partners.
New York State Homes and Community Renewal (HCR) approved $1.2 million of federal tax credits and $923,624 of state tax credits for the first phase of Wincoram Commons. For Phase II, HCR’s New York State Housing Finance Agency will award about $7.5 million of tax-exempt bond financing, $600,000 from the Homes for Working Families program, and $744,038 of state tax credits, as well as $744,038 of federal tax credits.
“This project offers a fantastic combination of residential and retail space with the goal of holistic community development,” says CDT President and CEO Joseph F. Reilly. “Wincoram Commons will not only provide brand new affordable housing for hundreds of local residents, it will also serve as a much-needed commercial and community hub for the town. This project is an important building block for the bright future of Coram, and we are thrilled to be a part of it.”
