We are pleased to announce that David Cooper, Partner at Z&S, has helped our client, Tredway, successfully close on the IDA financing and preservation of Peekskill Plaza Apartments, a 168-unit affordable senior housing community located in the heart of downtown Peekskill.
This $33.7 million transaction included securing a 40-year PILOT agreement through the Peekskill Industrial Development Agency (PIDA), the property is now positioned to remain 100% affordable to seniors earning at or below 60% of the area median income for decades to come. Beyond ensuring long-term affordability, the project includes a comprehensive $4.5 million renovation plan. These improvements will address essential infrastructure and modernize the resident experience, featuring:
- Safety Enhancements: Modern access control and expanded security systems.
- Interior Modernization: New appliances and upgraded unit finishes.
- Site Improvements: Exterior repairs and the removal of long-standing scaffolding to revitalize the Main Street streetscape.
This closing underscores our commitment to facilitating complex real estate transactions that balance development goals with community needs. We are proud to have played a role in preserving this “beacon of opportunity” for Peekskill’s seniors.