Arker completes $38M rehab at Staten Island complex
The Arker Companies has completed a $38 million rehabilitation and preservation project at Elbee Gardens, a 178- unit affordable housing development at 1950 Clove Road in the Grasmere neighborhood of Staten Island. Situated on nearly eight-acres of land, Elbee Gardens is a six- story elevator building that was initially financed as a HUD 236 project and constructed in the early 1970s. The project had not received any significant capital improvements since it was first rented up in 1973. Arker’s renovation work included complete replacement of the building’s boilers, roof and elevators. The project also received extensive electrical , sewers, and façade work, along with renovations to apartment interiors, hallways and common spaces. All construction was completed within 12 months of closing on construction financing. Financing for the project came from the HDC, which provided nearly $24 million in tax-exempt bonds towards construction financing. HPD also provided four percent Low- I...