Construction has officially kicked off at 15 Monteith Street, a new affordable housing complex in Bushwick, Brooklyn. Located within the sprawling Rheingold Brewery redevelopment zone, the project will debut as Rheingold Senior Residences and create 94 apartments for low-income seniors.
On November 19, developers Southside United HDFC, also known as Los Sures, and Churches United for Fair Housing were joined by local community leaders and city officials for a groundbreaking ceremony at the project site. The project is expected to debut by the end of 2023.
“Southside United HDFC–Los Sures’ commitment to seniors in our community remains a priority for our organization,” said Juan Ramos, executive director of Los Sures. “This development will provide affordability and direct services needed to protect the aging and vulnerable population in our city and its energy saving design will help preserve the planet for their grandchildren.”
Designed by Magnusson Architecture and Planning, the building will be constructed to Passive House standards, a rigorous certification based on air quality and ventilation, energy consumption, renewability, and construction materials. Sustainable design features at Rheingold Senior Residences will include a roof-level 39-kwh solar panel system, a centralized heating and cooling system powered entirely by electric heat pumps, and an energy recovery ventilation system, which will filter and distribute fresh air throughout the building.
Available units include a mix of studios and one-bedroom apartments. Each floor will also feature communal lounge spaces. First-floor apartments will be elevated to ensure privacy and a green, planted strip will provide an additional buffer.
Outdoor amenities include a landscaped rear yard, an accessible rooftop with raised beds for gardening, and a seating area at the building’s entrance. Publicly accessible amenities include a separately accessible multipurpose room with a warming kitchen for local community groups, as well as several classrooms and an office space.
“Rheingold Senior Residences will provide much needed deeply affordable housing and direct services for our seniors in Bushwick,” said Rob Solano, executive director and co-founder of CUFFH. “Our hope is that these residences, with their sustainable design, will remain a standard in the continuation of providing affordable supportive housing for our aging communities.”
The total development cost for the project is approximately $67 million. Financing was secured by Rockabill Consulting and includes a $29.5 million construction loan from Chase, a subsidy loan for $11.2 million through New York City Department of Housing Preservation and Development’s (HPD) Senior Affordable Rental Apartments (SARA) program, and an allocation of $1.6 million in Low-Income Housing Tax Credits , also awarded by HPD. CREA LLC and Bellwether Real Estate Capital are providing $16.3 million in tax credit equity, which is facilitating the permanent loan to be held by Freddie Mac for $17.4 million.
Additional funding sources include $7 million from Mayor-Elect Eric Adams and Brooklyn Borough President-Elect Antonio Reynoso, a predevelopment loan from the Local Initiatives Support Corporation, and a Project Based Section 8 award from New York State Energy Research and Development Authority (NYSERDA and the New York City Housing Authority (NYCHA).
“Rockabill is proud to serve as financial advisor for the project and to support Los Sures and CUFFH’s comprehensive vision for senior housing with low environmental impact,” Richard Brown, principal of Rockabill Consulting and Development. “This community fought hard to bring deeply affordable housing to the former Rheingold Brewery site and it’s amazing to see their dream become a reality.”