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Common Ground Community

 
Website
 www.commonground.org
Sector Group
 Retail and Tourism
Fund
Relationship
 Deutsche Bank
Description
 Common Ground Community ("CGC"), one of the largest developers and managers of supportive housing in New York City, has committed to provide an additional 3,000 units over the next 10 years as part of the Bloomberg Administration’s goal of 12,000 new units. In recent years, however, Common Ground has found itself at a disadvantage when competing with for-profit developers for sites that are appropriate for its low income housing facilities. CGC has lost several attractive sites to private developers that had access to more flexible financing.

In mid-2006 several financial institutions and foundations, led by Deutsche Bank and including the New City Investment Fund, came together to create an innovative revolving credit facility that will provide CGC capital for acquisition and pre-development expenses. This capital will allow CGC to be more opportunistic in acquiring potential development sites and to shorten the development cycle by almost 12 months.

Since its inception in 1990, CGC has developed and currently manages seven buildings that house over 1,700 people in permanent and temporary residences in Manhattan. CGC’s first project was The Times Square Hotel in midtown.