Back
12/24/2008

Spinney Hill Homes I & Spinney Hill Homes II, Great Neck, NY

On December 24, 2008, Whitney Capital Company, L.L.C. and the North Hempstead Housing Authority closed the financing required to start the much needed, complete renovation of Spinney Hill Homes (102 apartment units built in the 1950s) located off Community Drive near Northern Boulevard on the Great Neck, Manhasset border, closed December 24, 2008. The renovation work started on December 26, 2008.

In November 2006, Whitney Capital Company, L.L.C. was selected as the turnkey developer by the North Hempstead Housing Authority to rehabili-tate the existing 102 units. Spinney Hills Homes was a New York State Public Housing Project built in 1950. The project consists of 18 one-bedroom units, 57 two-bedroom units, 20 three-bedroom units and 7 four-bedroom units for a total of 102 units spread over 7.2 acres. Upon completion of the rehabilitation, the project will continue to serve low income households.

The Spinney Hill Homes renovation will include complete interior and exterior renovation of the ten buildings and is expected to take up to 24 months to complete. Current residents have been offered assistance with temporary relocation during the remodeling and existing residents will be eligible to move back into the renovated units as the buildings are completed.

The North Hempstead Housing Authority is comprised of Luke LiCalzi (Chairman), Matthew Cuomo (Vice Chair), Bette Segal (Secretary) Siela Bynoe, Alan Cooper, Izora Freeman and Leslie House. Michael Franzese, Jr serves as Executive Director.

Jobco, Incorporated of Great Neck, New York is the General Contractor for the renovation and the architect is JMS Architect and Planner, PC of Syosset, New York. An affiliate of Whitney Capital Company, L.L.C, Whitney Management Corp., will manage the daily onsite operations.

The renovated Spinney Hill Homes will be operated as two adjacent apartment properties each with an affiliate of the North Hempstead Housing Authority as the owner of the General Partner of two separate Partner-ships, Spinney Hill Homes I LP and Spinney Hill Homes II LP. First mortgage financing has been provided to Spinney Hill Homes I by Capital One Bank and first mortgage financing for Spinney Hill Homes II has been provided by the Nassau County Industrial Development Agency.

Additional financial support for the renovation of Spinney Hill Homes has been provided by Nassau County and the Federal Home Loan Bank of New York through its member bank, Signature Bank.

The New York State Division of Housing and Community Renewal, in addition to providing both Modernization Funds and a Housing Trust Fund grant to Spinney Hill Homes; also awarded both Nine Percent and Four Percent Low Income Housing Tax Credits to Spinney Hill Homes.

Capital One Bank (NYSE COF: Capital One Financial Corp) invested through an affiliate in both Spinney Hill Homes I and II and is providing additional equity financing through the purchase of the Low Income Housing Tax Credits. Capital One Bank’s equity investment was arranged by Hudson Housing Capital of New York City. Capital One Bank acquired Long Island's North Fork Bank Corporation in 2006.

Copyright © 2009. All rights reserved. Whitney Capital Company, L.L.C.
Designed and maintained by Rapport Associates, Ltd.