Quadrant PropertiesThe revitalization of a distressed portfolio of 45 buildings and more than 1,200 units in the South Bronx.
Quadrant Properties was a joint venture between Lemle & Wolff and South Bronx Community Management Company to rescue a large portfolio of properties in the Longwood, Hunts Point, and Mott Haven neighborhoods of the Bronx. The problems with the portfolio were vast, including a vacancy rate over 30%, millions of dollars in municipal arrears and dangerous physical conditions at the properties.
Lemle & Wolff began managing the portfolio in 2008 and took ownership in 2011 in a complicated workout that involved a significant loan from the New York City Acquisition Fund and major capital improvements funded by LIHTC equity, financing from HDC and loans through HPD’s Participation Loan Program, and Article 8A program. Lemle & Wolff created a unique ownership structure for this project that invests the majority of cash flow back into the properties, further ensuring the long-term financial viability of the portfolio.
The final phase of construction for Quadrant Properties was completed in 2014. The Quadrant Properties project was a major effort by the Lemle & Wolff family of companies that resulted in the successful turnaround and preservation of this important resource of affordable housing.
Total units: 1,240
Total development cost: $96.5 million