Project: Drum Hill Senior Living

Project Type: Senior Rental Housing

Financial Assistance: tax-exempt revenue bond financing, PILOT agreement, sales tax exemption and NYS recording tax exemption

Total Project Amount: $19,650,000.00
Bond Amount: $13,900,000.00

Applicant Information: Drum Hill Associates LP, 200 Clearbrook Road, Suite 134, Elmsford, New York 10523

The City of Peekskill Industrial Development Agency approved an Application for Financial Assistance and during November 1998 closed on the $13.9 million tax-exempt revenue bond issue with the project applicant. The project consists of the purchase and redevelopment of a former school at 90 Ringgold Street for 120 units of senior living in addition to a congregate dining area and other common areas. The project is complete.