Strada Ventures LLC

Strada is proud to have worked on the closing of a $60 million scattered site tenant-in-place rehabilitation project for a Brooklyn-based non-profit developer. The project consists of 102 units across 12 buildings and includes the substantial rehab of a former cluster site that was acquired by the City of New York in 2019 and transferred to responsible non-profit ownership. This building is now permanently affordable housing with a 50% homeless set aside and it will share on-site social services with its neighboring building, which has a 60% homeless set aside. A joint social service space and laundry facility will be built out to benefit residents of both buildings. Four buildings in the project are participating in HPD/NYSERDA's Electrification Pilot Program, which helps to fund the full electrification of the heating and domestic hot water systems. These buildings will also receive added insulation, new roofs, new windows, and air sealing to ensure the building envelopes are energy efficient. Residents will benefit from increased comfort in their units with electric heating and cooling and improved air quality with electric stoves. Two other buildings in the project will undergo a net-zero energy retrofit funded in part by NYSERDA's RetrofitNY 2.0 program. The program was designed to offer grants to property owners with qualified buildings to achieve net zero energy or near-net zero energy retrofits of existing multifamily properties. The project was also successfully awarded 13 NYCHA Project-Based Vouchers, which will significantly benefit the long-term operations of the buildings and preserve low affordability levels for tenants. Other project funders include Local Initiatives Support Corp (LISC), HPD's Green Housing Preservation Program, HPD Resolution A, NYSERDA Affordable Multifamily Energy Efficiency Program (AMEEP), NYS Clean Heat, and NYSERDA Clean Energy Communities Program (CECP). All buildings in the project have been pledged to the Joint Operating Entity New York City (JOE NYC), a non-profit entity that acquires and asset manages affordable multifamily properties on behalf of member non-profit Community Development Corporations with the mission to secure the long-term viability of non-profit run affordable housing and to make members more competitive in securing new affordable housing development opportunities.

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In 2023, Strada assisted an established mission-driven New York City non-profit [The Non-Profit] to apply for and successfully obtain a $9.7 million Homeless Housing Assistance Program (HHAP) award. The award will fund 72 affordable housing units.  Forty-three of the units will be designated for survivors of domestic violence, all of whom will have access to the services they need to rebuild their lives. On the same project, Strada helped The Non-Profit apply for and successfully obtain a $1.9 million 9% federal low-income housing tax credit (LIHTC). Seventy-one (71) units will be occupied in compliance with LIHTC requirements. The project will be located in the Morrisania section of the Bronx and consists of a 14-story energy-efficient building with a social services suite, meeting room, computer room, kitchen, and large community room.

Strada Ventures LLC is proud to have assisted a for-profit BIPOC New York State development company close on their first two LIHTC transactions on their own, without a development partner.  The first project closed in December 2023 and consists of the new construction of a 6-story, 24-unit affordable development in the Melrose section of the Bronx.  Financing for the project came from a private loan from US Bank, HPD funding through the Neighborhood Construction Program (NCP), and a loan from the Federal Home Loan Bank of New York (FHLBNY).   The second project — closed in 2023 — consists of rehabilitating a 5-building, 122-unit affordable preservation development in West Harlem.  Financing for the project came from a private loan from Webster Bank, an HPD Capital Subsidy, and a New York State Energy Research & Development Authority (NYSERDA) grant.

Across 9 projects, Strada applied for and was awarded 832/840 Section 8 Project-Based Vouchers (PBVs), HUD-funded rental assistance made available to affordable housing developers. These awards came from the New York City Housing Authority (NYCHA), the New York City Department of Housing Preservation & Development (HPD), and the Municipal Housing Authority for the City of Yonkers (MHACY). We’re pleased to assist these developers in their goal to create more affordable housing units in this city.

In May 2024, Strada’s founder and Principal, Courtney Horwitz, served as co-chair of the 55th Fifth Avenue Committee (FAC) Annual Benefit and Awards Reception with Sam Marks, CEO of FJC. Under their leadership, the committee raised close to $300,000 — the largest amount of money ever raised at a FAC event. These crucial unrestricted funds support FAC’s work, serving thousands of New Yorkers each year through comprehensive programs advocating for economic, social, and racial justice for an inclusive city.

Strada’s founder and principal, Courtney Horwitz, was pleased to be a panelist on the Professionals in Affordable Housing: Development Consultants Roundtable at this year’s New York State Association for Affordable Housing (NYSAFAH) conference.  Held on May 16, 2024, Courtney joined Amy Chandra, Alexandria Hanson, Olusegun Obasanjo, and Catherine Townsend to provide insight as a Development Consultant in Affordable Housing.

Strada is excited to announce the formation of Strada Development LLC, the company’s new housing subsidiary, as it takes on its first two projects. Partnered with Gilbane Development Company, Strada has closed on a $13 million acquisition loan for the purchase of 1931 Lafayette Ave., a parking lot in the Bronx neighborhood of Soundview. The project will consist of two 19-story buildings with over 400 affordable and supportive housing units, offering essential services for chronically unhoused individuals and affordable housing at various income levels. The project will also include commercial space and replacement parking. It is an honor to partner with the incredible Gilbane team, and we are grateful to the Low Income Investment Fund for its financial support. 

In June 2024, Strada completed training 17 New York State affordable housing operators for Enterprise’s Asset Management University (AMU) 15-month training. AMU is Enterprise’s statewide initiative to help affordable housing operators more effectively manage their housing portfolios.  Housing organizations led by (BIPOC) Black, Indigenous, and other people of color were prioritized.  In those 15 months, Strada provided training and technical assistance to strengthen the internal operations and capacity of affordable housing owners and managers across New York State. We were honored to be chosen to lead this impactful work.

Strada is happy to have assisted a New York City social service non-profit close a $15 million acquisition and predevelopment loan for the purchase of 245 Clarkson Ave, a parking lot in the Brooklyn neighborhood of Prospect Park – Lefferts Garden. The project, the first for this non-profit, will consist of the new construction of a 124-unit supportive housing development, offering essential services for youth aging out of foster care and individuals living with severe mental illness. The non-profit aims to provide much-needed onsite services in an accessible and meaningful way, provide early interventions to problems, and build relationships critical to their success.