Chesapeake Community Advisors

Stonewood Village

Stonewood Village

CURRENTLY UNDER CONSTRUCTION

Stonewood Village is located on 44 acres in Henrietta, NY. Stonewood Village consists of 62 1-bedroom apartments contained within two elevator buildings that serve elderly and people with disabilities and 124 3-bedroom townhomes for families located in 31 buildings containing four townhomes each. The buildings were constructed in 1977 and include a swimming pool and small community room. The property was purchased in 1993 by Pathstone Housing Action Corporation and will be redeveloped to preserve a large number of affordable rental units. The redevelopment plan includes the following:

  • Construction of a bridge between the two elderly buildings which will include new community space and office space
  • Construction of two new units in the elderly buildings
  • Construction of a community room for the family units located net to the pool house
  • Construction of maintenance building
  • Energy upgrades to include a energy star appliances, new insulation, new doors and sealing
  • New roofs on all townhome units
  • New kitchen cabinets and bathroom vanities, new hot water tanks, new flooring and interior doors for all units
  • New patios and fencing
  • Sidewalk replacement, paving of interior roads, upgraded landscaping
  • New siding on all buildings
Stonewood Village image #1Stonewood Village image #2Stonewood Village image #3Stonewood Village image #4

Project Details

Development Type: Rehabilitation
Number of Units: 188
Type of housing: Family/Elderly
Total Development Cost: 31.4 million
Financing: Tax exempt bonds, NY Homes, TCAP, Sponsor loan, Seller Note, existing reserves, 4% low income housing tax credits, deferred developement fee
Location: Henrietta, New York
Project Start: December 2009
Project Complete: March 2011
Development Role: Development Consultant
Unit Mix: 64-1 br Apartments; 124-3 br Townhomes
Architect: NH Architecture, PC
Contractor: Nathaniel Development Corporation
Developer: Pathstone Housing Action Corporation
Owner: Stonewood Village, LLC
Investor: Hudson Housing LLC
Lender: NY Housing Finance Agency - Construction & Permanent; JP Morgan Chase - Letter of Credit

33 South Gay Street, Suite 200, Baltimore, Maryland 21202 (p)410-685-6005