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About the Program

Emerging developers that work on projects below $30 million face significant hurdles obtaining funding for their projects. NYCEDC has partnered with Basis Management Group to fill this gap, committing $10 million to pilot the Emerging Developer Loan Fund.

The fund provides low-interest loans to NYC-based real estate projects including mixed-income housing, mixed-use, industrial and commercial projects.

To date, we have supported the following projects, in support of a $50 million+ pipeline:

  • Veteran and affordable housing in the Bronx
  • Community church and multifamily in Harlem
  • Tech space and multifamily in Brooklyn
  • Affordable housing and commercial development in the Bronx

Pre-Development & Acquisitions Financing

NYCEDC gives emerging developers the resources to succeed:

  • Capital Flexibility: Financing for both pre-development and property acquisition costs.
  • Commitment: Early investment in the project and capital availability until construction or permanent financing is secured.
  • Technical Assistance: Access to expert advisory services.
Had we not obtained the EDLF funding, we would have been forced to seek out another lender or renegotiate less favorable terms with the seller to get to construction closing.
LaVanna James
VP of Development, Apex

The fund can provide key financing for costs including:

  1. Legal and title costs
  2. Security deposits and rent payments
  3. Environmental assessments and appraisals fees
  4. Design and tax credit application fees
  5. Costs related to financing of the acquisition or ground leasing of a property

Check out EDLF in Brownstoner

Learn More  
Bronx Point.

Get in Touch

For more information, please visit Basis Management Group.

Or for questions, call.

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