Conifer Realty Secures Financing for North Gate Landing, Boosting Affordable Housing in Albany, N.Y.

Albany, NY, June 30, 2025 – Conifer Realty, LLC is pleased to announce the successful closing of financing for North Gate Landing, a new 185-unit affordable housing development in Albany, New York. This project will transform the site of the former Red Carpet Inn into a vibrant, permanent housing solution for families in the City of Albany.

North Gate Landing will offer 53 one-bedroom units, 94 two-bedroom units, and 38 three-bedroom units, all designed to meet the needs of families earning between 50% and 80% of the Area Median Income (AMI). The development will provide modern amenities, including a fitness center, community room with kitchenette, bike storage, on-site management office, and a maintenance shop. The four-story, wood-framed building will also feature a surface parking lot with 196 spaces for residents.

“We’re thrilled to close financing on North Gate Landing, which will provide much-needed affordable housing and increase the range of affordable options in Albany,” said Muammar Hermanstyne, Vice President of Development for Conifer Realty. “This development exemplifies Conifer’s dedication to creating communities that serve as cornerstones for surrounding neighborhoods and contribute to the revitalization of the area.”

North Gate Landing will include a range of affordable options for households with varying income levels, with 104 units designated for households earning 50% of AMI, 36 units for households earning 60% of AMI, 51 units for those earning 60% of AMI, and 45 units for households earning 70% of AMI. In addition, the project will be designed with green building techniques and will be certified through the New York State Energy Research & Development Authority (NYSERDA) New Construction 3rd Tier Program.

Located at 500 Northern Boulevard in Albany, North Gate Landing will offer residents convenient access to essential services and public transportation. The development is situated less than a quarter mile from Albany Memorial Hospital and within one mile of a supermarket, two schools, and a park. Additionally, the site is near Albany’s Tivoli Lake Preserve, providing residents with access to nature and recreational opportunities.

The total development cost for North Gate Landing is $92.0 million, funded through a combination of tax-exempt bonds, Low-Income Housing Tax Credits (LIHTC), and other public financing sources. Construction is scheduled to begin in summer 2025, with completion expected in summer of 2027.

Conifer Realty has more than 50 years of experience in the affordable housing industry and has developed more than 21,000 affordable homes across more than 300 communities in the Northeast and Southeast U.S. Known for its innovative approach to affordable housing, Conifer specializes in new construction and adaptive reuse projects that incorporate modern design, energy efficiency, and sustainability to seamlessly integrate with the personality of local communities. The company is committed to meeting the diverse housing needs of communities while maintaining a focus on long-term affordability and resident well-being.

For more information about Conifer Realty’s commitment to affordable housing, visit www.coniferllc.com.