Section 538 loans in New York
USDA's public file lists 8 Section 538 guaranteed loans in New York, $8,341,600 in all, financing 337 apartments. 4 of them also used housing tax credits. The median loan covered 10% of total development cost.
Lenders on these loans
- BONNEVILLE MORTGAGE COMPANY, LLC6
- ROSE COMMUNITY CAPITAL LLC1
- LUMENT REAL ESTATE CAPITAL, LLC1
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Walden Park Apts Lockport · Rehab/Repair · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $2,820,000 | 16% | 61 | $914 / $1,080 / - |
| Meadowbrooke Apartments Newfane · Rehab/Repair · BONNEVILLE MORTGAGE COMPANY, LLC | 2025 | $1,025,000 | 10% | 26 | - / $950 / $1,150 |
| Silver Lake Meadows Perry · Rehab/Repair · LIHTC · ROSE COMMUNITY CAPITAL LLC | 2024 | $950,000 | 10% | 52 | $573 / $700 / - |
| School House Manor Oakfield · Rehab/Repair · BONNEVILLE MORTGAGE COMPANY, LLC | 2023 | $500,000 | 4% | 35 | $644 / - / - |
| Wildbriar Estates Livonia · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2021 | $1,488,000 | 15% | 48 | $630 / $775 / - |
| Walnut Hill Apartments Penn Yan · New Construction · LUMENT REAL ESTATE CAPITAL, LLC | 2019 | $950,000 | 9% | 67 | $531 / $667 / - |
| Lehigh Crossing Freeville · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2009 | $364,000 | 19% | 24 | $700 / - / - |
| Cedar Street Apartments Morrisville · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2008 | $244,600 | 17% | 24 | $640 / $690 / - |