Yonkers Senior Housing Property Secures Nearly $17-Million Refi Deal

Monastery Manor, a 147-unit affordable apartment building for seniors in Yonkers, will use the money to renovate and pay off debt.

Monastery Manor, Yonkers, NY
Monastery Manor, Yonkers, NY

YONKERS—Rockabill, a leading development partner and consultant to nonprofit owners of affordable, supportive, and transitional housing, and national commercial and multifamily mortgage banking company BWE, recently announced the refinancing of Monastery Manor, a 147-unit affordable apartment building for seniors in Yonkers.

Monastery Manor is owned by the Finian Sullivan Corporation, a Yonkers-based not-for-profit whose mission is to provide quality low-income senior housing. Proceeds from the refinancing are being used to fund necessary renovations at the property, pay off existing debt, and further Finian Sullivan’s mission of providing stable, high-quality, affordable homes to those in need throughout Yonkers, Rockabill officials stated.

“We’re pleased to help one of the most respected and longest-standing nonprofits in Yonkers provide homes for the most vulnerable among us, namely seniors,” said Niall J. Murray, Managing Principal & Founder, Rockabill. “This refinancing preserves Monastery Manor as affordable housing and creates a pathway for the elderly to age while remaining in the home and in the community that they know. We wish to convey our gratitude to our partners at HUD, Yonkers IDA, and BWE for their hard work and collaboration in getting this deal closed.”

Financing for the project includes a $16.9-million Fannie Mae loan and an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. BWE’s Jim Gillespie, Executive Vice President, and Ilya Weinstein, Vice President, originated the loan.

“Rockabill has been a long-time partner of ours, and we’re thrilled to work with them again to secure much-needed financing for Monastery Manor. As our country’s population ages, it’s critical that we invest in more affordable senior housing,” said Gillespie. “We look forward to working with more partners across the area to build, preserve, and support senior and affordable housing.”

Located at 2 Father Finian Sullivan Drive in Yonkers, NY, Monastery Manor contains 147 one-bedroom apartments that have been specifically designated for persons 62 years and who earn no more than 50% of area median income (AMI). As part of the property’s affordability protections, residents contribute no more than 30% of their adjusted annual income toward rent.

Monastery Manor offers residents a range of amenities, including a library, seasonal community garden, and live-in superintendent, as well as laundry and parking onsite.

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