Riverknoll at Radisson provides homes for 80 families and individuals with physical or mental disabilities, meets LEED Silver certification
Lysander, NY- September 28, 2016 – Today, Baldwin Real Estate Corporation (BREC), a Rochester based affiliate of the DiMarco Group, along with partners New York State Homes and Community Renewal (HCR), First Niagara Bank, the Community Preservation Company (CPC), Raymond James Tax Credit Funds, and the Federal Home Loan Bank celebrated the grand opening of the Riverknoll at Radisson. Located on 10 acres of land as Phase III of Radisson, the $12.3 million project supports affordable multi-family housing for 80 families and individuals with mental or physical disabilities.
Riverknoll at Radisson III consists of 80 apartments in 10 two-story buildings: 32 one-bedroom units, 40 two-bedroom units, and eight three-bedroom units. Fifteen percent of the apartments are reserved for individuals with mental or physical disabilities. Income for residents is restricted to 60% of area median income. Combined, all three phases of Radisson contain 240 apartments.
“Since 1983 we have successfully operated multifamily residential real estate in the Baldwinsville are,” said William Durdel, President of Baldwin Real Estate Corp. “The Town of Lysander was in need of quality affordable housing where hard working people can raise their families and attend the highly rated Baldwinsville school district. We think Riverknoll at Radisson fills a significant portion of that need.” Durdel concludes, “We look forward to our continued excellent working relationship with local government officials and area leaders to meet the housing needs of the residential community that in turn helps sustain local business.”
Riverknoll at Radisson meets LEED Silver Certification under the LEED for Homes rating system and is designed to meet the Green Building Initiative criteria in support of the New York State’s goal of creating environmentally friendly projects. Additionally, all apartments exceed the Energy Star® Qualified Homes standards for excellent energy efficiency.
Commissioner of New York State Homes and Community Renewal, James S. Rubin said, “There are superlatives and then there’s Riverknoll at Radisson III; this development defies ordinary descriptives. Inside and out, it is a magnificent complex, and a study in what happens when private developers commit themselves to strengthening communities. This complex pays tribute to what government, under Governor Cuomo’s leadership, and the private sector can do when they partner to bring affordable workforce housing to hundreds of families. The state is proud to partner with Baldwin Real Estate Corporation to invest in Lysander and her residents.”
As part of the $20 billion initiative included in the 2016-17 Enacted Budget, Riverknoll at Radisson III is an example of housing solutions created to expand access to affordable housing in New York State. Governor Cuomo recently directed New York State Division of the Budget Director Robert Mujica to execute a memorandum of understanding to release $2 billion in funding to create more than 100,000 units of affordable and supportive housing over the next five years. The executed agreement is now before the New York State Senate and Assembly for action.
“At CPC we believe that quality affordable housing is the backbone of strong communities,” said Nick Petragnani, Senior Vice President and Regional Director at CPC. “Riverknoll at Radisson helps to fill a vital need in the community for affordable and supportive housing, and gives hardworking families an opportunity to put down roots in the neighborhood. This is a project that exemplifies the best of what a public-private coalition can achieve when it sets its sights on a common goal of serving the needs of the community. I thank our partners at Baldwin Real Estate, HCR, First Niagara, Raymond James, and the Federal Home Loan Bank for their commitment and dedication to this wonderful project.”
“Our bank has a long history of providing financing solutions for affordable housing development in Upstate New York, and we are very proud to be part of the team assembled by the DiMarco Group and Baldwin Real Estate Corporation to help make their latest expansion of Riverknoll at Radisson a reality,” said Craig Burton, First Niagara Senior Vice President of Commercial Real Estate. “We are pleased to have been able to package the tax credit investments and construction financing needed to bring new, quality apartments on line to help meet the considerable need for affordable housing in Central New York.”
Darryl Seavey, Managing Director Northeast Region for Raymond James Tax Credit Funds, Inc. stated, “Raymond James Tax Credit Funds is thrilled to have partnered with Bill Durdel and the Baldwin Real Estate Development team on the Riverknoll at Radisson project. The Riverknoll project is an extraordinarily well designed affordable housing project that provides cost effective, energy efficient, family housing in a fabulous park-like setting. Riverknoll at Radisson is a terrific example of a community coming together to provide quality affordable housing for deserving members of the community. Congratulations to the Baldwin Real Estate Development team on another successful project.”
The apartments feature energy efficient appliances, central air, in-unit washers and dryers, Berber-style carpet, resident storage, mini blinds, walk-in closets, and much more. Some apartments have added design features to increase accessibility for residents with physical disabilities, as well as balconies and patios. Additional amenities include a communal clubhouse with a community room, fitness center, computer lab, and a centrally located laundry room. The exterior landscaping at the Radisson Planned Unit Development has walking trails, basketball court, picnic areas, and a large playground for families.
The total investment for all three phases is over $37 million. Riverknoll at Radisson received 9% Low Income Housing Tax Credits (LIHTC) and a $3.5 million permanent loan from HCR; Raymond James Tax Credit Funds provided $7 million in LIHTC equity. Additionally, First Niagara Bank provided a $1.3 million construction loan; CPC provided a $1.3 million SONYMA-insured permanent loan through the New York State Common Retirement Fund; and the Federal Home Loan Bank contributed $995,000.
About Baldwin Real Estate Corporation
Baldwin is headquartered in Rochester, NY, and easily serves a wide surrounding region. Our team is uniquely qualified to tackle difficult property management challenges. We continually emphasize reliable customer service and the proven achievement of client objectives. Our diverse management portfolio includes 3,700 residential units and 1,000,000 square feet of commercial space. Baldwin is also recognized as the “go to” company for forward-thinking innovation and professionalism in property management.
About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.