Greenwich Communities, formerly known as the Housing Authority of the Town of Greenwich, has reached another financial milestone with a recent financial closing of $31 million for Armstrong Court’s Building 2. The total gut renovation of 42, 2- and 3-bedroom units is part of Greenwich Communities Phase 3.
The financing entities are Connecticut Housing Finance Authority (CHFA), tax credit allocator, and Connecticut’s Dept of Housing (DOH), which will provide the permanent mortgage. Bank of New York Mellon is providing the construction loan, and RBC Community Investments is the tax credit syndicator.
“The successful financial close is an extraordinary accomplishment for our organization. This is a $31 million investment to our local economy creating jobs and significantly furthering our vision for affordable housing in the Town of Greenwich,” said Anthony Johnson, CEO and Executive Director of Greenwich Communities in a release.
The process of obtaining financing is rigorous and time-consuming. “The last nine months have been a group effort, especially during this challenging time in the construction industry with supply chain issues and the ever-increasing costs of materials,” Johnson added.
The 144-unit Armstrong Court redevelopment project consists of 4 phases. Phase I of the project began in May 2019 and was completed in June 2020, with 18 newly constructed townhouses finalized at the cost of $15 million.
Phase II combines one-bedroom and two-bedroom units to create two-bedroom and three-bedroom apartments. The newly created three-bedroom units will have two bathrooms. The larger units are in high demand by families and provide a higher standard of living with additional amenities in each building, including expanded living space, cosmetic enhancements, air conditioning, electrical and insulation upgrades, improved rooflines, and the creation of newly renovated meeting and laundry facilities.
Phase III is a single building consisting of 42 units. Construction will start in August 2022 with an expected cost of approximately $26 million. Each construction phase will take approximately 12 months. Phase 4 currently has not been financed.
In August of 2020, the Housing Authority was renamed Greenwich Communities. “We have evolved and now provide housing solutions to help address Greenwich’s diverse housing challenges and improve the quality of life for the residents we serve,” Johnson said. “Over the past several years, we have made considerable progress in diversifying and enhancing our properties, making key investments and improvements for our residents,” he added.
The Housing Authority of the Town of Greenwich was formed in 1946 to provide housing to returning veterans at Adams Garden and Armstrong Court. Since its inception, the organization has now owned and managed 13 residential complexes, accommodating senior citizens, low and moderate-income families, and the disabled with 837 apartments, including a 40-bed assisted living facility. HATG also administers 353 resident vouchers under the Federal Section 8 program.
“We provide high-quality service to our residents while administrating a very robust capital program and ensuring the financial success of Greenwich Communities while providing quality, safe and affordable housing now and well into the future,” Johnson said.