Organization Name: Riverside Charitable and SP Investment Fund
Project Title: Raymond Watkin Apartments
Project Location: 57 Ballston Ave, Saratoga Springs, NY
Raymond Watkin Apartments (RW) is a 112 unit apartment building with project based vouchers for seniors and disabled persons located in the downtown area of Saratoga Springs. The building is a single 7-story brick elevator building that was constructed in 1979. On-site amenities consist of a community room and kitchen, computer, laundry, and fitness rooms, onsite offices, solar carports and outdoor two patios. RW is providing services through a HUD funded Service Coordinator including; case management, financial and educational classes, tenant council, medical screenings, and vaccinations. Residents have access to nearby amenities including a grocery store, banking options, pharmacy, library, post office, Hospital, and Senior Center all of which are accessible by public transit. Funding sources included; LIHTC equity from CREA, M&T tax exempt bond financing during construction with FHA taxable permanent debt originated through Hunt as its repayment source, AHP funding from the FHLB of New York, a developer permanent loan from an affiliate of SP Investment Fund LLC, deferred developer fee through an affiliate of SP Investment Fund LLC, and a PILOT from the City of Saratoga Springs.
The renovation of RW will have a huge positive impact on its low and very low income senior and disabled residents as well as on the community of Saratoga Springs, NY. The beautiful and substantial renovations coupled with the addition of numerous indoor and outdoor amenities, its extensive social services, and its new solar roof and carports are an amenity to the downtown area and its residents and have injected new life into this nearly 40 year old development. The nonprofit owner, Riverside Charitable Corporation, understands and is committed to not only the provision of decent and safe housing but also to the provision of case management and social services that further address the needs of the residents of the communities it serves and which empower them and help them establish self-sufficiency. The residents at RW will greatly benefit from this redevelopment and provision of services and Saratoga Springs will benefit from the long term availability of affordable housing moving forward.
RW is owned by an LLC managed by Riverside Charitable Corporation (RCC) which is a 501c3 Nonprofit corporation founded in 1988. RCC has been guided by concerned and compassionate people committed to providing those who are unable to afford the necessities of life with safe, decent, supportive-service enriched affordable housing. For the rehabilitation of RW, RCC partnered with experienced developer Gil Seton, sole owner of RWA Developer LLC (an affiliate of SP Investment Fund LLC), which supervised the acquisition, financing and rehabilitation of RW.
Riverside Charitable Corporation (owner); SP Investment Fund (developer); Harris A. Sanders Architects; Carkner Construction; TESCO Properties; Nixon Peabody; Cohn Reznick; and Diamond & Associates.