NYC-Housing Development Corporation Awards Financial Services Contract to Essence Development & Related Companies (November 2025)
NYC-Housing Development CorporationCity · New York, NY- Disclosed value
- Not to exceed $185,000,000 (combined SMRRT loans for two projects)
- From minutes
- Approved
- Nov 19, 2025
- Renews
- Free account
The 30-second brief
HDC finalized $185 million in subordinate SMRRT loans to Essence Development and Related Companies, supporting the phased redevelopment of NYCHA's Fulton and Elliott-Chelsea campuses as part of the PACT program.
Essence Development & Related Companies holds this financial services contract with NYC-Housing Development Corporation. Its other public contracts on record include work for NYC Housing Authority (NYCHA).
The renewal date is on record. A free account shows it, with the renewals for every NYC-Housing Development Corporation contract.
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Contract details
- Contract type
- Financial Services
- Amount
- Not to exceed $185,000,000 (combined SMRRT loans for two projects)
- Document date
- November 19, 2025
- Term
- 40-year term, 8% interest, repaid from 50% project cash flow and certain capital events
- Renews
- Free account
- Vendor
- Essence Development & Related Companies
- Source document
- New York City Housing Development Corporation Minutes November 2025 (Minutes)
Essence Development & Related Companies's other public contracts
More NYC-Housing Development Corporation contracts
Questions about this contract
Who was awarded the financial services contract by NYC-Housing Development Corporation?
Essence Development & Related Companies was awarded this financial services contract by NYC-Housing Development Corporation, as recorded on November 19, 2025. The contract value is Not to exceed $185,000,000 (combined SMRRT loans for two projects).
How much is the Essence Development & Related Companies contract with NYC-Housing Development Corporation worth?
The Essence Development & Related Companies contract with NYC-Housing Development Corporation is valued at Not to exceed $185,000,000 (combined SMRRT loans for two projects), covering financial services work.
What type of contract is this?
This is a Financial Services contract, documented as a minutes record, structured as a not-to-exceed (ceiling) agreement.
Where was this contract approved?
This contract appears in New York City Housing Development Corporation Minutes November 2025 (Minutes), dated November 19, 2025 from NYC-Housing Development Corporation. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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