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Morgan Square
This project involved the reuse of four commercial buildings, including a mill, in downtown Springfield, Massachusetts as 266 market-rate housing units, and 24,000 square feet of retail space. Mr. Barrett acted as the general partner in the development team, along with a for-profit developer and a community-based nonprofit corporation. Mr. Barrett was responsible for supervising the financing, coordinating architectural and other building services, raising the equity capital, and obtaining the necessary historic preservation and zoning clearances for the project. Project financing utilized historic preservation tax credits, FHA mortgage insurance and a HUD UDAG loan. The project was completed in 1984.
Civill Senior Housing
Located in a historic school building in the Town of Coeymans, NY, the rehabilitation of this 28-unit senior housing project was completed in December of 1996. Equity was secured from a regional bank investing through a subsidiary, and included Low-Income Housing Tax Credits and Historic Preservation Tax
Credits. Duncan Barrett was the developer.
Brookside Senior Housing
Brookside is a 36-unit new construction project. The project consists of one-bedroom bungalows arranged in clusters of six, with a centrally located community room on site. It is located on a semi-rural site in the Town of West Sand Lake, Rensselaer County, NY. Duncan Barrett acted as “turnkey” developer of the project on behalf of R.O.U.S.E., RPC, the not-for-profit sponsor.
School Street Row Housing
This project consists of five two-family row houses. The building was vacant for 15 years. The houses were rehabilitated and sold as affordable housing to first-time homebuyers. Financing was provided through Community Development Block Grant funds, Federal Home Loan Bank funds, and private mortgages. Duncan Barrett was the developer. The project was completed in 1994.
Capital Woods Apartments
Exterior Post Rehabilitation
Duncan Barrett is providing development management and financial packaging services for the redevelopment of this 263-unit, low-income family project in Albany, NY. The project was acquired from the US Department of Housing and Urban Development in September of 1998 and should be finished by the end of 2000. Financing includes tax-exempt bonds, Low-Income Housing Tax Credits, Federal Home Loan Bank funds, and a HUD grant.
Exterior Prior to Rehabilitation
Stamford Village Apartments
Stamford Village Apartments is a 24-unit mixed-income senior housing facility located in the historic Village of Stamford, Delaware County, NY. The project was completed in 1996 and was financed with a combination of NYS Housing Trust Fund loan, Low Income Housing Tax Credit equity and foundation grants. Duncan Barrett structured and secured the project financing.
Brunswick Senior Housing
Brunswick Senior Housing is 86 units middle-income complex located in Brunswick, NY. The project was financed with a tax-exempt bond and a loan from the NYS Housing Trust Fund Corporation. The bond was issued as a low-floater or adjustable rate instrument to take advantage of the service savings are $90,000 per year. The project was completed in 2000. Duncan Barrett acted as developer and structured the financing for the nonprofit owner, ROUSE
RPC.
Omni Senior Living Community of
Guilderland
Omni Senior Living Community of Guilderland is a 96 unit senior housing complex which opened its second and final Phase in October 2002. It was 100% occupied within 45 days and enjoys a waiting list of over 100 senior citizen households. The complex was financed with a loan from, the NYS Housing Trust Fund Corporation and equity derived from federal Low Income Housing Tax Credits.
Omni Development Company, Inc. and its affiliates acted as a developer, construction manager and property manager for this project.
Green Island Senior Housing
Located in the Village of Green Island, Albany County, this former parochial school was converted to 13 units of Affordable senior citizen housing in 2001. The high quality rehabilitation was financed with grants from the HUD Small Cities program and the Federal Home Loan Bank of New York, a loan from the NYS Housing Trust Fund and equity derived from an allocation Low Income Housing Tax Credits. Duncan Barrett acted to structure and secure the financing and develop the project.
Kennedy Towers
The John F. Kennedy Towers is a 21-story senior housing
complex located in Troy, NY. Completed in 1965 under the New
York State Public Housing program, the building was 35%
vacant and operating at a serious loss when Omni housing
Development LLC undertook its redevelopment in 2002. Omni
secured financing through an allocation of nine percent Low
Income Housing Tax Credits, NYS Public Housing Modernization
grants and a grant from the Federal Home Loan Bank of NY.
The total project redevelopment budget exceeds $15 million.
The rehabilitation undertaken is a gut rehab that creates
all new, handicapped accessible units and new community and
services space as well. The revised unit plan and service
space allows for and facilitates an aging in process.
Omni partnered with the Troy Housing
Authority to redevelop the facility, acting as the developer
and providing project financing and construction management
while leaving the Authority in the active role of managing
agent and general partner. The project was rehabilitated
with partial occupancy in phases and the construction term
was 18 months. The project will be completed at the end of
2004.
South Mall Towers
South Mall Towers is a 345-unit senior citizen housing
complex located in downtown Albany, NY. Built over 30 years
ago under the NYS Mitchell Lama and HUD 236 programs, the
project was suffering from functional obsolescence and
rising vacancies when Omni Housing Development LLC under
took the redevelopment in 2001. Omni Housing led a team that
De-Coupled the 236 subsidy, structured and placed new
financing and rehabilitated all the units and the community
spaces in the facility. The rehabilitation work totaled more
than $13 million and included refurbished kitchens and
baths, energy upgrades, elevator rehab and window and roof
replacement. The new financing included a “low-floater”
tax-exempt bond issue, Low Income Housing Tax Credit equity,
project based Section 8 and grants from the Federal Home
Loan Bank of NY and the New York Energy Research and
Development Authority. The rehabilitation took place while
the buildings were partially occupied and spanned a 20-month
time period. At the completion of the rehabilitation phase
the project achieved 98% occupancy. The Omni Management
Group, Ltd. manages the completed facility in partnership
with the original not for profit sponsor.
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