Financing & Incentives

Emerging Developer Loan Fund

Providing capital to emerging developers who are working on real estate development projects in New York City.

About the Program

New York City Economic Development Corporation (NYCEDC) has found that there is a substantial financing gap for emerging developers that want to work on projects below $30 million. As a result, NYCEDC is committing $10 million of capital to pilot the Emerging Developer Loan Fund.

The fund provides low-interest loans to New York City-based real estate projects including mixed-income housing, mixed-use, industrial and commercial projects, and projects with development costs under $30 million.

Basis Management Group is the official partner for this program.

Pre-Development & Acquisitions Financing

  • Capital Flexibility: NYCEDC will provide financing to emerging developers for both the pre-development costs as well as the property acquisition costs
  • Early and Long-Term Commitment: NYCEDC will invest early in the project and will make capital available until construction or permanent financing is secured
  • Technical Assistance: Borrowers will be given access to a variety of advisory services to better administer their financing

Pre-Development and Acquisition costs may include:

  • Legal and title costs
  • Security deposits and rent payments
  • Environmental assessments and appraisals fees
  • Design and tax credit application fees
  • Costs related to financing of the acquisition or ground leasing of a property

Application

For more information on Basis Management Group, including application information, visit www.basisinvgroup.com

Questions may be directed to Basis at 212-842-5712

Partner

Tags

MWDBE

Contact Info

Bomi Kim
Senior Vice President, Contracts
Director, Opportunity M/W/DBE
bkim@edc.nyc
212-312-3695

Lucy Christensen
Program Manager, Opportunity M/W/DBE
lchristensen@edc.nyc
212-312-4242