The New York City Acquisition Fund

What The New York City Acquisition Fund does

The New York City Acquisition Fund LLC is a privately-held bridge loan facility founded in 2007 that provides flexible financing to developers of affordable and supportive rental housing across New York City's five boroughs. The Fund operates two primary loan products—a Vacant Property term sheet for site acquisition and predevelopment, and an Occupied Property term sheet for preservation and moderate rehabilitation—with standard terms including advance rates of up to 130% LTV, variable rate pricing indexed to 30-day SOFR with an all-in 5.5% floor, maturities of up to four years (inclusive of extensions at the Fund's discretion), and limited payment guarantees of 25% subject to underwriting.

The Fund is co-managed by Enterprise Community Partners, Inc. and the Local Initiatives Support Corporation, with Forsyth Street Asset Management contracted as Fund Manager for daily portfolio management, investments, and fiscal operations, and Citibank serving as Administrative Agent for the senior revolving facility. Capital is sourced from an unusual blend of major commercial lenders—Amalgamated Bank, Bank of America, Citibank, Deutsche Bank USA, HSBC, JPMorgan Chase, M&T Bank, Morgan Stanley, NYC Housing Development Corporation, and Wells Fargo—and philanthropic/mezzanine funders including Robin Hood Foundation, Trinity Church Wall Street, LISC NYS Housing Stabilization Fund, and Enterprise Community Partners. Underwriting and servicing is delegated to four NYC-based community development financial institutions (Corporation for Supportive Housing, Enterprise Community Loan Fund, Low Income Investment Fund, and LISC NY) under a distributed origination model in which prospective borrowers must contact one of the four originating lenders directly to initiate a loan request.

Cumulatively as of 2017 the Fund had invested $782.7 million across 103 projects, creating or preserving 16,801 housing units. It is currently capitalized with $200 million of lendable proceeds and generates revenue through variable-rate interest income on outstanding bridge loans.

Name

The New York City Acquisition Fund

Legal name

New York City Acquisition Fund LLC

Website

https://nycacquisitionfund.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

The New York City Acquisition Fund LLC is a 2007-established, privately-held bridge loan facility providing flexible acquisition, predevelopment, and moderate-rehabilitation financing to affordable and supportive housing developers across New York City's five boroughs, currently capitalized at $200 million.

Ownership category

akta.pro rank

Product category

Affordable Housing Lending

NAICS

Real Estate Credit (522292), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI)

akta.pro secondary industries

CRE Bridge & Transitional Lending (FSALADAC), Community Development & Affordable Housing Funds (FSANAJAK), Rehab-to-Rent / Fix-and-Rent Financing (FSALAHAG)

Keywords

• Bridge loan financing
• Affordable housing
• Supportive housing
• Acquisition financing
• Real estate lending

Headquarters

HQ city

New City

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Interest Income on Bridge Loans: The Fund generates revenue through interest on flexible bridge loans for vacant sites, occupied buildings, predevelopment, and moderate rehabilitation projects. Loans are variable rate, indexed to 30-day SOFR with an all-in 5.5% floor.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

The New York City Acquisition Fund LLC provides flexible bridge loans to developers for site acquisition, predevelopment, and moderate rehabilitation of vacant or occupied buildings intended for affordable and/or supportive rental housing across the five boroughs of New York City. The fund is capitalized with $200 million of lendable proceeds and offers two primary term sheets (Vacant Property and Occupied Property) with up to 130% LTV advance rates, variable rate financing indexed to 30-day SOFR with a 5.5% floor, maturities up to 4 years, and limited payment guarantees of 25%.

Product overview

The New York City Acquisition Fund LLC is a single product offering — a flexible bridge loan fund for affordable and supportive housing development in New York City. The Fund offers two primary loan products: the Vacant Property Term Sheet (for vacant sites) and the Occupied Property Term Sheet (for occupied buildings). These products support predevelopment and moderate rehabilitation financing with loan terms including up to 130% LTV, variable rate financing indexed to 30-day SOFR with a 5.5% floor, and maturities up to 4 years. The Fund is capitalized with $200 million in lendable proceeds and has invested $782.7 million across 103 projects creating or preserving 16,801 units.

Differentiator

Problem solved

Functional benefit

Products and services

• Vacant Property Term Sheet Bridge loan product for vacant sites, part of the NYC Acquisition Fund's flexible financing offerings for affordable housing development in New York City.
• Occupied Property Term Sheet Bridge loan product for occupied buildings, enabling preservation of existing affordable rental housing in New York City.

Quantifiable outcome

• $782.7 million invested in NYC affordable housing across 103 projects
• +1 more outcomes

Named customers26 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core.

• Enterprise Community Partners, Inc.coreStrategic or Co-development Partner · 1 January 2007Co-Member and Manager of the Fund. One of two co-members overseeing the Fund alongside LISC. Enterprise Community Partners is also listed as a philanthropic/mezzanine funder. The organization delegates underwriting and servicing to its Enterprise Community Loan Fund subsidiary.
• Local Initiatives Support Corporation (LISC)coreStrategic or Co-development Partner · 1 January 2007Co-Member and Co-Manager of the Fund. One of two co-members overseeing the Fund alongside Enterprise Community Partners. LISC NY also serves as an originating lender and is a philanthropic/mezzanine funder through LISC NYS Housing Stabilization Fund.
• Forsyth Street Asset ManagementcoreImplementation/ SI/ Consulting PartnerContracted Fund Manager responsible for the Fund's daily operations including portfolio management, investments, and fiscal operations.
• Corporation for Supportive Housing (CSH)coreChannel Partner/ Reseller/ DistributorOne of four NYC-based CDFIs delegated to underwrite and service the Fund's loans. Contact: Devon Neary, Phone: (203)-667-7738.
• Enterprise Community Loan FundcoreChannel Partner/ Reseller/ DistributorOne of four NYC-based CDFIs delegated to underwrite and service the Fund's loans. Contact: Sivan Bruce, Phone: (212) 284-7173.
• Low Income Investment Fund (LIIF)coreChannel Partner/ Reseller/ DistributorOne of four NYC-based CDFIs delegated to underwrite and service the Fund's loans. Contact: Molly Anderson, Phone: (212) 502-7649.
• LISC NYcoreChannel Partner/ Reseller/ DistributorOne of four NYC-based CDFIs delegated to underwrite and service the Fund's loans. Contact: Christine O'Connell, Phone: (212) 455-9366.

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Regional players

• New Jersey Community Capital: New Jersey-focused CDFI offering flexible acquisition, predevelopment, and bridge financing for affordable and supportive housing. Highly comparable product and sponsor relationships, but a different geography from NYCAF.
• Boston Community Capital (now Boston Community Development Corp): A regional CDFI operating a similar pooled-bridge-loan model for affordable housing developers in Massachusetts, with comparable structures and mission, providing a useful geographic mirror to NYCAF's NYC-only footprint.

Direct peers

• Low Income Investment Fund (LIIF): National CDFI and one of NYCAF's four originating CDFIs, providing flexible predevelopment and acquisition financing for affordable housing and community facilities. Same target borrowers, similar bridge-loan product, strong NYC presence.
• Capital Impact Partners: National CDFI providing flexible predevelopment, acquisition, and bridge financing for community development and affordable housing projects, often pooled with philanthropic and bank capital. Directly comparable product and target segment.
• NeighborWorks Capital: National CDFI providing predevelopment, acquisition, and bridge loans to NeighborWorks network and other affordable housing developers. Same product class, same target borrower profile, similar capital pool structure.
• Corporation for Supportive Housing (CSH): One of NYCAF's four originating CDFIs and a national CDFI focused on supportive housing financing. CSH originates and underwrites bridge and predevelopment loans for supportive housing sponsors overlapping NYCAF's core customer base and uses comparable flexible structures.
• The Reinvestment Fund (TRF): Pennsylvania-based CDFI that operates a parallel predevelopment/acquisition bridge loan facility (NMTC and PRI-backed) similar in structure to NYCAF, but serves Mid-Atlantic cities. Comparable product, mission, and pooled-capital structure.
• Enterprise Community Loan Fund: An affiliated CDFI under Enterprise Community Partners (NYCAF's co-member) that originates bridge and predevelopment loans for affordable housing developers nationally, including NYC. Closely comparable product, customer segment, and mission-driven positioning.

Broad incumbents

• Local Initiatives Support Corporation (LISC): NYCAF's co-member and one of its four originators; LISC itself operates national and local bridge/predevelopment loan facilities through its local offices that overlap NYCAF's product and sponsor universe, but at much broader scale.
• NYC Housing Development Corporation (HDC): NYC's primary municipal affordable housing finance agency and a senior lender to the NYC Acquisition Fund. HDC issues bonds and provides much larger construction and permanent financing across all five boroughs; the NYCAF complements rather than competes with HDC by occupying the predevelopment/acquisition gap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The New York City Acquisition Fund