Conifer Realty, LLC, celebrated the completion of construction and occupancy of Wincoram Commons in Coram, New York, alongside Community Development Corporation of Long Island, Town of Brookhaven, Suffolk County and New York State officials, as well as civic leaders and private funders. The $56 million development consists of 176 mixed-income multifamily rental apartments, 9,000 square feet of office/retail space, a community center, and a connector road between Route 112 and Route 25 which serves as the main street for the development.
Permanent financing sources include: a $9.3 million loan from The Community Development Trust; $7.5 million in tax-exempt bond proceeds from the NYS Housing Finance Agency; a $1 million loan from Empire State Development; $600,000 in Homes for Working Families; $2 million in Suffolk County Workforce Housing Infrastructure funds; $500,000 from CDCLI Funding Corporation; and $31.9 million in federal and state tax credit equity provided by Red Stone Equity Partners. Capital One and NYS Housing Finance Agency provided construction financing. The Town of Brookhaven Industrial Development Agency provided crucial development incentives.
CDT Senior Vice President Brian Gallagher said, “This transformational project offers a fantastic combination of residential and retail space with the goal of creating a new town center for Coram. Developed holistically with extensive local support and input, Wincoram Commons will not only provide new affordable housing for hundreds of local residents, it will also serve as a much-needed commercial and community hub. This project is an important building block for the bright future of Coram, and we are thrilled to be a part of it.”
Construction took 22 months, commencing in the spring of 2014. The new affordable apartments were widely publicized, and over 2,000 applications were received. A lottery was held in the spring of 2015 for the initial occupants and to establish a waiting list. The newly constructed homes are energy efficient and have been developed in accordance with New York’s Green Building Standards.
“We were pleased once again to collaborate with our partners at Conifer Realty, Capital One and CDC Long Island,” said Richard Roberts, Managing Director of Acquisitions for Red Stone Equity Partners. “Wincoram Commons is an excellent example of what can be accomplished when innovative and committed partners come together for the benefit of the community. Affordable housing is essential to the long term health of Long Island and New York State and these new units contribute mightily to enhancing the quality of life in the Coram community. We here at Red Stone Equity Partners are proud to be part of this exciting project.”
Tim Fournier, President and CEO of Conifer Realty said, “Conifer could not accomplish what it has on Long Island without the unwavering support of CDCLI and the leadership and friendship of Marianne Garvin. Wincoram Commons is a true testament to the saying, ‘greatness of many.’ It was with superior public-private partnerships and collaborative team efforts that from what was once a blighted site of disrepair has risen a community for 176 households.”
