POKO

Development. Management. Revitaliza on.

POKO Partners’ LLC seeks to create value as well as contribute to broader revitaliza on objec ves in urban and suburban communi es. POKO o en seeks out projects that are strategically located in order to have a significant and posi ve impact on the surrounding neighborhood. POKO has o en found itself at the fore-front of community revitaliza on efforts and is proud of its pioneering role in many inner-city communi-

es, including Brooklyn, Melrose, Bronx; Richmond Hill, Queens; Harlem, New York, Carlstadt, NJ; and Nor-walk, Bridgeport and Stonington CT. POKO is currently leading waterfront revitaliza on and historic preserva on efforts in southeastern Connec cut, through the rezoning and renova on of historic mills. POKO Partners/POKO Management comprises 30 employees including execu ve, professional, support, and maintenance staff. The company maintains three offices-one in Port Chester, NY, one in Norwalk, CT and one in Bridgeport, CT. POKO’s approach to community redevelopment o en begins with community outreach and the par cipa-

on of public agencies and local organiza ons. POKO involves the community from the early planning phases through construc on and marke ng. This approach has helped to seal the success of POKO’s com-munity development projects, ranging from inner-city neighborhoods in New York City to waterfront com-muni es in Connec cut and the Bahamas. Since its incep on in 1993, POKO Partners has developed over $500 million in property, including more than 600 residen al units and 500,000 sf of commercial space. In addi on, POKO Management con nues to provide property management for all of the residen al rental buildings we have built or rehabilitated, thereby maintaining a long term investment in the success of our affordable housing projects. By u lizing sustainable development principles and understanding the need to posi vely impact aging neighborhoods, the company reinvigorates and encourages growth not solely by redevelopment, but by revitaliza on throughout Connec cut and New York. POKO’s development objec ves are to reposi on underu lized proper es and revitalize the broader com-munity using the following strategies:

Affordable and mixed-income housing including partnerships with suppor ve services partners Mixed-use communi es Retail, cultural, and community facili es Public ameni es and open space Sustainable development using green building principles Historic preserva on and adap ve reuse Decayed waterfront redevelopment and brown field sites For Further Informa on Contact:

Kenneth M. Olson, President & CEO, Tel 914-937-5152, ext. 301, kmo@pokomgt.com

Andrea Kretchmer, Managing Director, Tel 914-937-5125, ext. 312, akretchmer@pokomgt.com

Steve Wissak, Director of Development, Tel 914-937-5152, ext. 317. swissak@pokomgt.com

Addi onal informa on about the projects that POKO Partners and POKO Management Corpora on are currently working on can also be found at www.pokopartners.com

KENNETH OLSON, PRESIDENT AND CEO, POKO PARTNERS LLC As President and CEO of POKO Partners LLC and POKO Management Corp., Ken Olson leads a socially responsible real estate company whose mission is to create high qual-ity, affordable and mixed income housing and mixed use communi es. Ken Olson translates his knowledge of the real estate industry and community development into profitable commercial and residen al projects on a daily basis. Since founding POKO Partners in 1993, Ken has been working to redefine tradi onal opinions of affordable housing by crea ng a rac ve, diverse mixed-income neighborhoods which set the standard for community growth by increasing foot traffic, encouraging organic and service-oriented commerce and preserving the environ-ment. Ken believes in working in partnership with local governments to produce sensible housing opportuni es. His responsibili es have included the reposi oning and revitaliza on of underu lized housing, retail, and public and waterfront proper es totaling more than $500 mil-lion to date. Ken's comprehensive understanding of the debt and equi-ty markets and structures has provided him with the in-sight on the u liza on of various federal and state tax credit programs for development of affordable housing. Among the tax credit programs POKO has successfully used have been low income housing tax credits on a fed-eral and state level, federal and state historic tax credits and federal New Market Tax Credits for commercial revi-taliza on of depressed areas Ken is a Board Member of the Connec cut Real Estate Finance Associa on (REFA), is on the Execu ve Com-mi ee of the New York State Associa on for Affordable Housing (“NYSAFAH”), and is on the Execu ve Board of the Westchester / Fairfield chapter of ULI, co-chairing the Affordable Housing Task Force, and is a member of the Advisory Panel for the Connec cut Housing Finance Au-thority (CHFA). Ken previously sat on the CT Governor’s Advisory Panel on Affordable Housing and the CT Depart-ment of Economic and Community Development (DECD) Permi ng Task Force and assisted with the crea on of the Connec cut Historic Tax Credit legisla on that was passed in 2006. In addi on, he is a founding member of the Construc on Educa on Appren ce Program at LaGuardia College, senior member of the advisory board; President of the Wassell Lane Corp, affordable housing home ownership in Westport, and advisor to the First Selectman in Westport for affordable housing.

RICHARD OLSON, CHIEF OPERATING OFFICER, POKO MANAGEMENT CORPORATION Richard Olson joined POKO in 1999 with 17 years experi-ence in the HVAC industry, managing commercial opera-

ons, engineering, and sales. He has been responsible for both design and project management of new and replace-ment systems, ranging in value from $3,000 to $2 million. He has directed the work of general contractors, archi-tects, and engineers, as well as administra ve and tech-nical staff. Mr. Olson’s record of strong customer rela-

ons and effec ve management is evident in the organi-za on and philosophy of POKO Management Corpora on.

As COO for POKO Management Corpora on, Richard is responsible for all the day-to-day management of the company, overseeing property managers, office admin-istra on, and the bookkeeping department. He is respon-sible for the firm’s financial management, vendor rela-

ons, maintenance and service ac vi es, and tenant is-sues. He also works closely with general contractors and construc on managers; he is involved in planning and overseeing the renova on of occupied and vacant build-ings. Rich also serves as liaison on new construc on pro-jects for POKO Partners.

Richard is also principal of JAO Maintenance Corpora on. He is responsible for the overseeing of the daily ac vi es of mechanics, superintendents, and cleaning crews. He maintains current rela onships with contractors and ven-dors who have businesses in the target areas. Rich is commi ed to ensuring a high quality of housing services and standard of living for all residents living in POKO-managed buildings.

Richard is a licensed real estate professional and has also completed the Building Performance Ins tute and LIHTC cer fica on (TaCCs) courses along with the Local Ini a-

ves Support Corpora on (LISC), an organiza on dedicat-ed to helping nonprofit community organiza ons, trans-forming distressed neighborhoods into healthy ones.

STEVEN J. WISSAK, MANAGING DIRECTOR/

DIRECTOR OF DEVELOPMENT

Steven J. Wissak is Director of Development for POKO Partners LLC. Prior to joining POKO, Steve was Director of Finance of NWJ Companies, LLC and Signature Communi-ty Investment Group for the past 3 years, an owner/operator of approximately 3,500 units around the coun-try. In addi on to be in charge of raising all capital (both debt and equity) for the companies, he handled all discus-sions and nego a ons with lenders around the country to re-structure and modify loans for several large projects at the firm. Prior to taking on this role in 2007, Steve spent 15 years in various capaci es redeveloping over 4,000 low-to-moderate income housing units in the New York Metropolitan region. He co-founded and oper-ated First Home Brokerage, City Development, LLC and Metropolitan Housing, LLC. Steve has worked closely with capital partners at UBS, Fortress Investment Group and Foothill Capital Corpora on. He started his career as a real estate associate in the ac-quisi on and structured finance group at the law firm Rosen, Szegda, Preminger & Bloom. Steve received his J.D. degree from Hofstra University School of Law in 1986 and double B.A. degrees in economics and poli cal sci-ence from the State University of New York at Bing-hamton in 1982. ANDREA KRETCHMER, MANAGING DIRECTOR Andrea Kretchmer joined POKO Partners as a Principal in 2011 and is responsible for project management, new business development and brownfield redevelopment. Prior to joining POKO, She was a founding principal at The Kretchmer Companies LLC. Incorporated in 2006, a wom-an-owned affordable housing development firm with 340 units in construc on and predevelopment. At The Kretchmer Companies, Andrea was responsible for new business development, subcontractor and consultant pro-curement and oversight and project management. Andrea was instrumental in The Kretchmer Companies’ designa on as co-developers of Coney Island Commons, a 250,000 square-foot complex in Brooklyn, NY that com-prises 195 rental apartments and a 43,000 square foot YMCA. Coney Island Commons is an exci ng mixed-use, mixed-income environmentally-sensi ve community offering recrea onal, cultural and youth development opportuni es; excep onal urban and architectural design;

and aesthe cally deligh ul public and private open spac-es. She is also a designated co-developer of Stanley Com-mons, a joint NYCHA-HPD affordable home-ownership development in East New York, Brooklyn. At Stanley Com-mons, The Kretchmer Companies will create an urban context kni ng together disparate physical characteris-

cs. Two- and three-family townhouses will provide a variety of apartment types and sizes along with public and private outdoor spaces; establish a visually interes ng streetscape; and preserve exis ng mature trees while maximizing sunlight. Andrea began her career as a prac cing geologist. She has extensive experience in the inves ga on and remedi-a on of contaminated sites throughout the New York metropolitan area. She worked for nine years at Camp Dresser & McKee and Environmental Resources Manage-ment, leading environmental

Prior to founding The Kretchmer Companies, Andrea served for nine years as a leader in community service organiza-

ons: connec ng individuals; raising funds and managing budgets; organizing events; and collabora ng with profes-sional administrators. She is highly respected by cons tu-ents and leadership for public speaking, wri en communi-ca on and organiza onal skills. Andrea has demonstrated versa lity, innova on and significant level of effort in mee ng the diverse needs of several organiza ons concur-rently. Andrea received her Bachelor’s Degree from Colgate Uni-versity in 1984 with a major in Geology and a minor in Chemistry. She received her Masters Degree in Geology from UCLA In 1987. Ms. Kretchmer serves on the Execu-

ve Commi ee of the Ci zens Housing and Planning Council, and is a former President and current Board member of the New York City Brownfield Partnership. In addi on, she serves on the Board of Directors of the New York Gauchos and Congrega on Rodeph Sholom. Andrea resides in New York City with her husband and three chil-dren.

RICHARD J. MIRO, CPA, CHIEF FINANCIAL OFFICER,

Richard J. Miro is the controller and Chief financial Officer for POKO Partners LLC and POKO Management Corp. He is responsible for the overall financial management of the companies, including financial repor ng, tax planning and compliance, treasury management and informa on tech-nology. He has 25 years of experience in the finance and ac-coun ng field working in private and public accoun ng. He has a strong background in organizing and direc ng accoun ng departments and automated systems, finan-cial repor ng, and opera onal management. Prior to join-ing the company, Richard spent 15 years as Controller and CFO for a privately held company in the banking, ATM and cash management industry. Richard received his bachelor’s degree in business admin-istra on from Pace University, Pleasantville, NY and is a Cer fied Public Accountant . NEAL LORBERBAUM, DIRECTOR OF PROPERTY MANAGEMENT

As a hands-on professional, Neal’s real estate experience consists of in-depth involvement with the complete life cycle and opera on of various asset classes including office buildings, medical office, mul family, retail and land. He blends an entrepreneurial spirit, with his unique opera onal, financing and marke ng background to exe-cute prac cal solu ons for pressing real estate ma ers. For over 20 years, he has been a strategic force behind the acquisi on, posi oning, opera ons, leasing, and dis-posi ons of various assets with an aggregated value in excess of $1 Billion throughout his career. Neal formed Peryn Realty, LLC in 2006 to provide Asset Management, Property Management and Advisory Ser-vices to ins tu ons, non-profit organiza ons, corporate en es, and private investors to complete complex trans-ac ons, resolve problems, and capitalize on opportuni-

es. Since incep on, assignments involved property with an aggregated value of over $780 million, encompassing 1.5+ million square feet including 1,750+ apartments, medical office, educa onal, and retail space.

Prior to forming Peryn Realty, Neal worked with Winoker Realty Corp., SMI Capital and Simonds Equi es on the asset management, due diligence, financing, acquisi on, day-to-day opera ons and disposi on of various assets with an aggregated value in excess of $1,000,000,000. Much of Neal’s unique perspec ve and experience was gained during his involvement with TechSpace, Inc. and Kroll Inc. Neal co-founded TechSpace, Inc., a firm that provided shared office space, business services and ven-ture capital for emerging technology companies. Neal graduated Syracuse University, School of Manage-ment with a B.S. in Marke ng and a minor in finance. While a ending New York University, Real Estate Ins -tute, completed extensive graduate work towards his Masters of Science degree in Real Estate Finance and De-velopment. He is a licensed Real Estate Broker in the States of New York and Connec cut, a Cer fied Lead Safe Renovator and Fair Credit Repor ng Act Cer fied. Neal supports the Children’s Tumor Founda on, is an ac ve member of the Real Estate Finance Associa on of Connec cut, Bridge-port Regional Business Council, and the School Volunteer Associa on suppor ng the Bridgeport Public Schools. He resides in Westport, Connec cut with his family.

CONNECTICUT PRE‐DEVELOPMENT:  

 Wall Street Place Norwalk, Connecticut       New construction 3 phases   380 units 60,000 sq ft retail/commercial  

 

POKO Partners has been designated as the Preferred Developer for a 6.3-Acre site in the Wall Street area of Norwalk, Connec cut. POKO received this award as part of a compe ve RFP process and it presents POKO with an exci ng opportunity to re-develop a significant part of what the City of Norwalk envi-sions as its new "Downtown".

Historically the Wall Street area was the downtown for the City The City has un-dertaken a comprehensive Redevelop-ment Plan. The designa on awarded to POKO will have a significant posi ve

impact on the redevelopment of this neighborhood. POKO’s plan will include a phased development of 380 apart-ments, 850 parking spaces, 60,000 sf of commercial and retail space

The residen al part of Wall Street Place will be com-prised of market rate and affordable rental apart-ments as well as condomini-ums. The residen al compo-nent, as currently con-ceived, is a mixture of one, two and three bedroom apartments with a concen-tra on of larger family sized apartments. Wall Street Place presents a unique opportunity to shape and rebuild a substan al por on of what was once the tradi onal downtown of the City of Norwalk, CT. The project will be built in phases using a complex financing structure including Tax Free Bonds, Federal Low Income Housing Tax Credits, Federal New Market Tax Credits, and Federal and State His-toric Tax Credits.

POKO Partners LLC will be redeveloping this site as part of the City sponsored "Wall Street Redevelopment Plan". We believe this project and the plan that POKO pro-posed has a great deal of poten al because of the di-versity of the development program.

One important component of the overall development plan includes a significant amount of affordable hous-ing as well as market rate apartments in both the rent-al and condominium struc-ture.

We are an cipa ng a mixed use development, incorpora ng new retail, residen al and green space. POKO is also pro-posing use of an automat-ed parking system to max-imize parking opportuni-

es. Construc on of the first phase is expected to begin spring 2014.

CONNECTICUT PRE‐DEVELOPMENT:   

 Threadmill Apartments   Pawcatuck, Connecticut    Renovation/Adaptive Re‐Use 129,000 sq ft  58 Units 9,000 sq ft  retail 

The Threadmill Project represents a lynchpin in the rebirth of the Paw-catuck area of Stonington, Connec -cut. Once completed, this revitaliza-

on effort will result in taking an old abandoned mill and turning it into 129,000 sf of mixed-use development will include 58 rental units and 9,000 sf of new retail space.

Following its successful pioneering efforts to get Stonington to designate the mill an “Industrial Heritage Reuse Zone,” POKO is currently seeking to get the mill listed on the state and federal historic registers. POKO is fol-lowing up with the development of Pawcatuck’s first master plan for the district, which centers on this mill and its outbuildings.

The concept is to open up redevelop-ment op ons town-wide, while re-spec ng and preserving the historic fabric of the community’s industrial past. This adap ve re-use of old man-ufacturing complexes has been a growing trend in New England, and revitalizing these old buildings pre-serves the history while also pre-ven ng .the vacant structures from becoming fire hazards.

The rehabilita on will pre-serve much of the architec-ture characteris c of indus-trial mills. THE plan includes a conver-sion of the historic mill into 58 rental units with mul -ple ameni es. Approxi-mately 9,000 sf of new re-tail construc on is also planned. The apartments will include both affordable and market rate units. The Threadmill Project is a crea ve example of taking a dormant, environmental-ly unsafe building and reus-ing it to create mixed-use development that will bring needed affordable and market rate residences. Investment in them is a win for both the town and POKO’s investors.

POKO Partners is nego -a ng with the Town of Nor-wich to re-develop a 100+ year old, 350,000 sf indus-trial property that has been dormant for more then 20 years. This opportunity will involve the redevelopment of a site that is in the mid-dle of the Shetucket River strategically located less than 15 minutes drive to the Mohegan Sun Casino and 30 minutes from Fox-woods Casino.

We envision 250 workforce apartments, all with spec-tacular waterfront views. Financing tools may in-clude a Special Taxing Dis-trict, tax incremental fi-nancing (TIF) and the issu-ance of Tax Free private ac vity bonds as well as Federal and State Historic Tax Credits. The project when fully de-veloped will include 200-250 apartments that will be a mixture of rental and homeownership. POKO intends to re-develop the property into a waterfront community that will contain 200-250 apart-ments. The project is in-tended to be workforce housing that will cater to all levels of employees of the large local employers

 Capehart  Ventures  Norwich, Connecticut   350,000 sq f t 200 units 

CONNECTICUT PRE‐DEVELOPMENT:  

Golden Hill Block  Restoration 

1136‐1162 Main Street Bridgeport, CT 

 Historic Adaptive Reuse 

51 units residential 9,000 sq ft retail 

 

One of POKO’s missions has always been to seek out opportuni es to revi-talize urban areas through adap ve reuse. In a joint venture, POKO will be working with Spinnaker Real Estate to redevelop an en re block of the his-toric Downtown North Village District in Bridgeport, CT. This project will bring 51 new market rate apartments and retail to the downtown area in an effort to con nue the revitaliza on of this once thriving community.

The community has worked long and hard to revitalize and redevelop the Downtown North neighborhood. The buildings at 1136-1142 Main Street were an integral part of the historic commercial fabric of the neighbor-hood. With me, the buildings have decayed. The proper es, currently vacant, were previously occupied by various businesses for retail, office, and/or manufacturing opera ons da-

ng back to at least 1884 under a vari-ety of different owners. The proper

es were acquired by the City of Bridgeport/Bridgeport Redevelop-ment Agency between 1999 and 2001.

The Site is located directly in the heart of Bridgeport’s downtown, within just a few blocks of the ma-jor assets of the central business dis-trict, including stores, restaurants and office buildings, state and federal courts, City Hall, Police Headquarters, and the bus and train sta ons.

Bridgeport’s downtown revitaliza on has been un-derway for the past five years with several dozen new businesses and hun-dreds of new residen al units added. The immedi-ate area surrounding the Site is occupied by com-mercial office, govern-ment and mul family use.

Downtown Bridgeport offers opportuni es for those seeking transit-oriented living in a rich historical environment compe vely priced. Cul-tural diversity, proximity to post-secondary educa-

on, arts and entertain-ment, and accessibility to public transporta on are community strengths. Ar-eas needing improvement include the diversity of residen al and retail op-

ons, decaying structures and numerous parcels of vacant buildings in the im-mediate area. These fea-tures will be reduced by the redevelopment of the Preserva on Block.

The Development will bring capital investment, increased real estate and personal property taxes, construc on and perma-nent job crea on and the mul plier effect of the dis-

posable income from the new and exis ng resi-dents, most of which will be spent locally.

The project will have a de-velopment cost of $13.7 million and be funded through a combina on of Federal and State Historic Tax Credit equity, conven-

onal debt and state fund-ing programs.

New York PRE‐DEVELOPMENT:  

The Belmont Portfolio 2404‐16 Crotona Avenue,  2476 Hughes Avenue &              2431 Belmont Avenue,           

Bronx NY moderate rehab 3 buildings 

180  residential units 1 retail unit 

In early 2014, POKO acquired the Belmont-Venezia Por olio, a Project Based Sec on 8 por olio that consists of three elevatored mul family build-ings in the Belmont/Li le Italy sec on of The Bronx. POKO will be undertak-ing the rehabilita on of these build-ings. Together, the proper es contain 180 total residen al units and 1 retail unit . The residen al unit mix consists

of 37 three-bedroom apartments, 75 two-bedroom apartments, 63 one-bedroom apartments and 2 studio units. The retail unit is a barber shop located at 2476 Hughes Avenue. The por olio is subject to individual HAP agreements. The Belmont-Venezia por olio con-sists of 177 project-based Sec on 8 units at three sites in the Li le Italy sec on of the Bronx. The acquisi on

of the buildings and proposed renova-ons are being financed with a

$15.767 million Fannie Mae loan through Pruden al Mortgage Capital Company, $4.14 million in subsidy from the NYD Department of Housing Preserva on and Development, and S$3.4 million in equity. Located in the heart of the Li le Italy neighborhood, with several notable nearby des na ons including Ford-ham University and The Bronx Zoo. These proper es are also a short walk to the popular and highly rated eater-ies on the famous Arthur Avenue. Easy access to Manha an is provided by the Metro North train sta on at Ford-ham Avenue. With its notable scale and excellent loca on, POKO believes that The Belmont-Venezia Por olio stands out as a premier affordable housing preserva on opportunity.

Belmont is a residen al neighborhood geograph-ically located in the west Bronx. The neighborhood is part of Bronx Community Board 6. Its boundaries, star ng from the north and moving clockwise are: Fordham Road to the north, Bronx Park to the east, East 183rd Street to the south, and the Third Avenue to the west. These boundaries give the neigh-borhood a crescent like shape. Arthur Avenue is the primary thoroughfare through Belmont.

UNIQUE NEIGHBORHOOD:

Genera ons of Italian fami-lies have given the area a special small-town charac-ter unique for an urban se ng, at the same me establishing tradi ons that permeate the neighbor-hood.

Mayor Fiorello LaGuardia spear-headed one of the neighborhood’s most be-loved a rac ons, the Ar-

thur Avenue Retail Market - a kind of cov-ered Italian bazaar that brings together under one roof all the shop-ping also found on nearby streets, from sausage makers to bread bakers, cafe’s to florists. The variety is truly staggering - all told some nine restau-rants, five pastry shops, four butchers, two pasta-makers, six bread stores, three pork stores, five gourmet delicatessens, two fish markets, three gourmet coffee shops and one gour-met Italian wind shop - to list only the food category. And then there are the gi and house ware shops.

Today the tradi on con n-ues with grandchildren and great-grandchildren re-maining on Arthur Avenue, or returning here, to own and manage business be-gun by their immigrant an-cestors. “Nearly every shop on Arthur Avenue is al-ready some sort of ins tu-

on,” as one writer put it. The vast array of markets, butchers, pasta and pastry shops is supported not only by long- me area residents but also their rela ves and children from far and wide, who regularly return for the tastes and memories.

The neighborhood is also home to three other major NYC ins tu ons. Including:

The New York Botanical Garden (NYBG) is one of the premier botanical gar-dens in the United States. It spans some 250 acres of Bronx Park and is home to

some of the world’s leading plant labora-tories. It offers ma-jor exhibi ons and flower shows throughout the year, drawing over 800,000 visitors an-nually.

The Bronx Zoo is located within Bronx Park. It is the largest metropolitan zoo in the United States, compris-ing 265 acres of park lands and naturalis c habitats, through which the Bronx River flows. The Bronx Zoo is home to more than 4,000 animals, many of which are endangered or threatened species. Founded in 1841, Fordham University is the Jesuit Uni-versity of New York, offer-ing excep onal educa on Today Fordham draws stu-dents from across the country and the world, with an enrollment of roughly 15,000 students in 10 schools, *Copy and Photos courtesy of Ariel Property Advisors

NEW YORK PRE‐DEVELOPMENT:  

Broadway Park  Apartments   Brooklyn, New York Gut Rehabilitation 33 units 21,000 sq ft retail 

The development will be known as the Broadway Park Apartments and will be a mixed-use development with 33 rental apartment units and approxi-mately 21,000 sf of retail. This project will be housed behind an exis ng fa-çade and consist of four floors and a cellar. Of the 33 units, six will be suppor ve services units rented at 40% AMI, 22

rented at 60% AMI, and five will be rented at 90% AMI. Addi onally, 50% of the apartments at Broadway Park will be reserved residents of Commu-nity Board 4, ensuring that residents of the neighborhood are not dis-placed. Building ameni es will include indoor recrea on spaces, the residen al lob-by, mail room, residen al bulk stor-

age, residen al bicycle storage, resi-den al mechanical rooms, one eleva-tor, and associated machine rooms. Each residen al floor has a janitor closet, and a trash and recycling room. There will also be bicycle racks. U li-

es will include city water, central baseboard heat produced through co-genera on/CHP and Con Edison, gas, and individual air condi oners as well as phone/cable/internet access.

Bronx Apartments  Phase 2 Bronx, New York New construction 

POKO was awarded 5 sites sca ered across the South Bronx on which we will build a total of 53 rental units. During Phase I, 37 units were built across 3 buildings. Phase 2 will add two more buildings and 16 addi onal units to complete the project. Units will be affordable to families earning between 40-60% of AMI. Financ-ing will be provided through a mix of sources including HPD capital subsidy, LIHTC, HOME subsidy, and conven onal bank loans. Lease up on Phase 1 was completed in winter 2013.

CONNECTICUT

Clinton Commons is a 45,391 sq. ., 33-unit, mixed-income, 100% afford-able rental housing development, including 30% permanent sup-por ve, located in Bridgeport’s West Side Neighborhood Revitaliza-

on Zone. Completed in spring 2013, the units are designated for 50-60% AMI. In-cluded are 10 units of which social and suppor ve services will be pro-vided through the Alpha Community Services YMCA, a branch of the Cen-tral Connec cut Coast YMCA.

POKO Partners believes the comple-

on of this project is a linchpin in the con nued revitaliza on of the West End of Bridgeport Clinton Commons Apartments offers a mix of one, two and three bed-room units in a LEED silver building, offering modern energy efficient appliances. Designed by Crosskey Architects, the 4.5 story single building has six town-

house style units that form a street frontage and a welcoming appearance to the development. An elevator will serve upper floors, and 27 units are handicap accessible units. Ample parking is available for tenants. Clinton Commons promises to be a cornerstone development for the ongoing revitaliza on efforts on the West Side. Financing for Clinton Commons Apartments was provided by the Connec cut Housing Finance Authority and the Connec cut De-partment of Economic and Commu-nity Development.

COMPLETED:

  Clinton Commons  Bridgeport, Connecticut New construction 33 Units 

POKO Partners completed construction and leasing on the Pitkin Theater Center at 1501 Pitkin Avenue, Brooklyn, NY. This $43.3 MM adaptive green re-development project of the former Pitkin Loew’s Theater is being hailed as a catalytic project that is helping to transform the Brownsville section of Brooklyn, NY. Fi-nancing was achieved by using a combination of private capi-tal with the New Markets Tax Credit (“NMTC”) program.

The NMTC program is only available for projects and busi-nesses servicing to low-income communi es that oth-erwise cannot obtain conven-tional financing. Goldman Sachs led the financ-ing with a $12.3 million NMTC equity investment and extend-ed a $24.8 million senior loan with a $4.0 million participa-tion by two leading Communi-ty Development Financial In-stitutions, Seedco Financial Services, Inc. and the Non-profit Finance Fund. In addi-tion, four Community Devel-opment Entities provided $43.3 million in NMTC alloca-tion, including:

Empowerment Reinvest-ment Fund (a subsidi-ary of Seedco): $5.0 million;

Nonprofit Finance Fund: $14.0 million;

Carver Community Devel-opment Corporation: $13.3 million; and

The Rose Urban Green Fund: $11.0 million.

The Pitkin Avenue Project en-tailed the adaptive reuse of the former Pitkin Loew’s Thea-ter and it now houses a char-ter school and a retail devel-opment. Comprising a total of approximately 155,000 square feet, the renovated building will host approximately 12,000 square feet of prime retail space on the lower lev-els, the upper levels of the building will is home to a state-of-the-art 130,000 square foot school operated by As-cend Learning. This new edu-ca onal facility will serve up to 1,100 students in grades K through high school. By executing a lease with AS-CEND, POKO Partners is part-nering up with a reputable and fast growing charter school that addresses the needs and desires of the com-munity to provide better edu-cational opportunities for its children. To complement the ASCEND Charter School, the Pitkin Avenue retail environ-ment will receive approxi-mately 12,000 square feet of brand new retail space that POKO believes will serve as a

transforma ve force for the en re retail corridor. POKO Partners excitement for the particular project was based on the fact that the blueprint for this development met many of its core criteria for undertaking a develop-ment. Not only will it enhance the community and aid in its revitalization, but it will also provide a growth engine for jobs in the community. . Furthermore, the revitaliza-tion of a historic structure such as the former Loews Pitkin Theater serves to meet the concept of adaptive re-use. It will also serve to reha-bilitate a declining structure that was once a landmark, offer a sustainable environ-ment, and improve the neigh-borhood’s infrastructure through better lighting and security. The Pitkin Theater is a building of great historical significance to the Brownsville Communi-ty. Originally constructed in 1929, the building was a cen-tral point in the cultural fabric of the community. Loew's

 Pitkin Theater Center  Brooklyn, New York Gut rehabilitation 155,000 sq ft 12,000 sq ft retail 

NEW YORK COMPLETED:

“One of the most important urban redevelopments in New York City” New York Times, September 2010

Loew's Pitkin was one of ar-chitect Thomas Lamb's most beautiful "atmospheric" de-signs among many theaters built in the New York area. It featured a multi-tiered audi-torium with Venetian statuary adorning the side walls and proscenium stage area. Un-fortunately, the building had fallen into disrepair, and was no longer the stunning neigh-borhood amenity that it once was. As it stood before construc-

on commenced, the Pitkin Theater was literally a shell of its former majes c self; unus-able, structurally compro-mised and in a general condi-

on of outright decay and disregard. The project be-came a central part of the community revitaliza on strategy by replacing and rea-dap ng this structural eye-sore.

The adaptive re-use of this theater is serv-ing to revitalize an old building, preventing it from remaining a symbol of decline of not just the theater, but the neighbor-hood. The neighborhood surrounding the thea-ter is presently show-ing increasing signs of activity and POKO hopes this project will be at the epicenter of the fur-ther rebirth of a regional commercial hub for eastern Brooklyn. Sited at the junc-tion of numerous pedestrian and automobile arteries as well as public transportation lines, the Pitkin Theater build-ing is an architectural icon that is highly visible in the area.

Architect Kitchen & Associ-ates of Collingswood, NJ has designed a historically sensi-

ve restora on and renova-on of the Pitkin Theater that

preserves landmark architec-tural details and ornamenta-

on while providing bright new spaces that support the new uses of the building, and meet stringent requirements for energy efficiency and “green” design.

A completely new interior structure, built with state-of-the-art steel, concrete, and masonry systems, will be con-structed within the exis ng shell of the Pitkin Theater to support the new building de-sign that has been developed for 21st century mixed-use building needs.

NEW YORK Completed:

POKO was awarded 5 sites sca ered across the South Bronx on which we plan to build a total of 53 rental units. During Phase I, 37 units were built across 3 buildings. Units are afford-able to families earning between 40-60% of AMI. Financing was provided through a mix of sources including HPD capital sub-sidy, LIHTC, HOME subsi-dy, Reso A and conven-

onal bank loans from the following sources: the New York City Depart-ment of Housing Preserva-

on Development, the Bronx Borough President’s

Office, First Sterling Finan-cial, Inc., The Bank of New York Mellon and Community Preserva-

on Corpora on. The three buildings house 37 oversized spacious units in 57k sf. The features in-clude, Energy Star appli-ances and ligh ng, high-efficiency plumbing fix-tures and high-quality du-rable concrete plank and masonry bearing wall con-struc on.

There is a lobby and an elevator in each building. There is al-so a laundry room in the basement exclusive to the residents. The street fa-cades are brick with stone lintels and sills at the up-per floors, and decora ve masonry along the side-walk. There are curbside trees and land-scaping at the buildings.

There are also rear yard recrea on spaces for the residents use only. The construc on includes sus-tainable design elements equivalent to LEED cer -fied buildings.

 Bronx Apartments Phase 1  Bronx, New York New construction 37 Units 3 Buildings  

POKO Partners LLC was desig-nated by the NYC Department of Housing Preserva on and Development to acquire and develop two vacant City-owned lots on West 115th Street be-tween 7th and 8th Avenues. The two vacant lots are located on the north side of the street be-tween Adam Clayton Powell Blvd (7th Avenue) and Frederick Douglas Blvd (8th Avenue). These two lots are directly be-hind a property located at 246-250 West 116th Street that POKO developed (Cassiopeia Apartments). The project has resulted in the Delany Lo s, which reflect the strength and character of the thriving Harlem community. The Delany Lo s provide own-ers with the op on of flexible living in lo homes and rein-force POKO Partners’ corporate philosophy of developing high quality housing at compe ve prices. Comprised of two, newly con-structed seven-story buildings,

Delany Lo s boasts 24 spacious 1-bedroom, 1 bath lo homes and 12 1-bedroom, 2 bath lo home duplexes with terraces. The expansive and sun-filled main living area allows for individual expression in design with home office po-ten al or a mul tude of post-construc on op ons in which the buyer can tailor the space to reflect lifestyle needs. The development idea allows poten ally for live/work envi-ronments, a more tradi onal use for lo space. This invest-ment “fulfills Fannie Mae and the Enterprise Founda on’s mission by helping to create a mixed-income community in an emerging market, with en-hanced access to commercial services and job opportuni es. The project also meets ‘smart growth’ objec ves due to the re-use of urban infill sites and proximity to mass transit and a major shopping corridor. The project is located within a gentrifying residen al neigh-borhood, providing the requi-site residen al services for mul-

family development. The neighborhood benefits from ample transporta on op ons and proximity to Manha an central business districts.” Occupancy began summer 2008. For more informa on on Delany Lo s visit www.delanylo s.com

 Delany Lofts  Harlem, New York New construction 36 Units 2 Buildings  

NEW YORK Completed:

POKO acquired this former lumber-yard site in Jamaica, Queens for the construc on of affordable housing. All of the units were leased to a mix of low-income families, ranging from

30% to 60% of median income., 20% suppor ve housing. POKO obtained approvals from the Board of Stand-ards and Appeals for this project. Financing included federal Low In-come Housing Tax Credits, and the

Housing Trust Fund, and private debt financing. Occupancy began in fall 2007.

The borough of Queens is enjoying resurgence. Through coopera on between the City and private residen al/commercial developers, this area represents a sound invest-ment. POKO is working in partnership with Outreach Project of Jamaica who will refer par cipants from Outreach Project’s Suppor ve Housing Wom-en and Children Program into a select number of apartments.

 Gardner Plaza Apartments  Queens, New York New Construction 27 Units 4,000 sf retail plus                    parking garage 

POKO Partners assembled proper es at 246-250 West 116th Street, which included a vacant and abandoned site owned by the City of New York. POKO worked with the community and the City to develop a plan that was endorsed by the commu-nity board, the Borough President, the Department of City Planning and the Department of Housing Preserva on and Develop-ment. The project repre-sented an opportunity to work with the City in its ongoing efforts to redevel-op Harlem as well as to preserve proper es for

conversion into quality affordable housing. Project financing included State Low Income Housing Tax Credits. First Sterling was the primary equity investor for the tax cred-its. NYC Housing Develop-ment Corpora on issued taxable private ac vity bonds as part of the construc on and permanent financing. Bank of America provided bank financing. The building provides a band of affordability re-sul ng in a mix of house-hold incomes. in Harlem. POKO's project helped to

revitalize the area. That revitaliza on could be seen in the leasing of re-tail space at the property by Benjamin Op cal. The owner’s father had been in business in the same space for 50 years and

now has been taken over by the son as a sign of be-lief that the e economic condi ons of the commu-nity are rising.

 Cassiopeia Apartments  Harlem,  New York New Construction 32 Units 2,000 sq ft retail 

NEW YORK Completed:

 

Melrose Commons  Bronx, New York New Construction 10 3‐Family Townhomes  The Department of Housing Preser-va on and Development awarded 10 sca ered sites in Melrose to POKO Partners LLC to build 3-family homes as part of their New Founda ons Homeownership Program. The houses have been sold to work-force buyers, largely from the local Community District. Construc on is complete and all closings with buyers have been completed. This project is an important piece to the revitaliza on of the Melrose community in the South Bronx and the design of the homes recalls appeal-ing New York City residen al environ-

ments. The project was financed by conven onal debt and equity

Cauldwell/Davidson Housing Bronx, New York Moderate Rehabilitation 133 Units  POKO served as co-developer and project manager for the rehabilita-

on of these occupied apartment buildings. The project included the substan al rehabilita on of all of the apartments including extensive beam replacement, all new sheet rock in the apartments, completely new kitchens and bathrooms, new windows, roof and hea ng systems.

In order to accomplish this, POKO created and implemented a reloca-

on plan for 100% of the tenants by using a checkerboard plan within the building in combina on with the use of off site apartments. This enabled construc on to proceed without dis-

placing residents. The project was financed using a combina on of Fed-eral Low Income Housing Tax Credits, the HPD Par cipa ng Loan Program, Federal Pilot Program for Lead Paint abatement as well as conven onal bank financing.

St. Ann’s Housing Bronx, New York Gut rehabilitation 84 units, 4 stores   100,000 sf  St. Ann’s housing cluster was a gut rehabilita on of 6 buildings along with con-struc on of a private park for residents. POKO was awarded site control in 1998 by the NYC Depart-ment of Housing Preserva-

on and Development un-der the Neighborhood En-trepreneurs Program. Per-manent project financing included Federal LIHTC, Federal HOME funds and the NYC Par cipa ng Loan Program. The project was built in two phases both completed in 2003/2004.

349‐359 Lenox Avenue Manhattan,  New York Gut rehabilitation 25 units,  3,000 sf retail         These projects are exam-ples of the progressive thinking that POKO has dis-played on nearly all of its developments. On Lenox Avenue, POKO was at the forefront of the develop-ment community in the renaissance of Harlem.

POKO served as co-developer and project manager for this vacant gut rehabilita on. This project was originally six vacant buildings, which were combined into two buildings including what was historically a premier retail space on Lenox Ave-nue in Central Harlem. The large commercial space in this project was ul mately leased to a local business leader in the community. The project was financed with HDC tax-free bonds and 4% Feder-al LIHTC

352 Lenox  Avenue Manhattan,  New York Moderate rehabilitation 18 units  At 352, POKO Partners served as development manager for this occupied rehabilita on. The prop-erty was dilapidated and endangered the tenants and the surrounding area. Working with structural engineers, POKO created the plan that allowed the property’s owner to save the building. The property was renovated using a combina on of 9% Federal LIHT and a conven onal mortgage.

Commercial Proper es

Total Entertainment, Carlstadt, NJ   Gut Rehabilitation  Production Studios and Office  26,000 sf  POKO Builders conversion of an industrial building located in the Hackensack Industrial Redevelopment Zone into commercial ser-vices, office, produc on and rehearsal studios, and flex space is the first building in the Rede-velopment Zone to conform to the local Rede-velopment Plan and is located less than one mile from Xanadu, the mega-entertainment and commercial project in the Meadowlands.

One Morningside Drive North,  Westport, Connecticut   Moderate renovation and  addition   30,000 sf POKO Partners acquired this class A office building in June 1995 at substan ally below replacement costs in a bankruptcy auc on. The property was acquired with rents averaging below $18/sf. Debt financing was pro-vided by Principal Life Insurance Company. POKO Management Corpora on currently manages the property.

131 Danbury Road, Wilton, Connecticut     

Substantial renovation and  adaptive re‐use 50,000 sf 

As developer, POKO Partners converted a vacant indus-trial building into a class B office building whose tenants

include one of the largest adver sing agencies in the world. POKO created the development plan, directed

and supervised the environmental cleanup and the rehabilita on and conversion into offices. The

property was acquired for approximately $16/sf and is currently long-term leased for more than

$20/sf. Allstate Life Insurance Company financed the project. This building was sold in February

2006.

Old Bahama Bay 150 acres, 100‐unit  residential subdivision,  hotel,   marina  In 1997, POKO Partners created the devel-opment of Old Bay Bahama, including a luxury single family residen al subdivision, 5 star hotel, and marina for a resort community on Grand Bahama Island. Kenneth Olson became involved in the project during a crucial and problema c stage of the early development. POKO’s primary development objec ve was to re-establish West End as a desirable des-

na on and create the first luxury residen al resort on Grand Bahama. Within three years, POKO successfully turned the project around. The large boat marina is one of the premier marinas in all of the Bahamas. All of the first phase home

site lots were sold. The project was financed 100% with cash by private investors. The small luxury hotel was awarded membership in the Bahamas Small Treasures Pro-gram. The project was Winner of the 2000 Jaguar Award for

Best Caribbean Development and named in the 2002 Condé Nast Traveler as one of the 50 Best Hideaways. “Old Bahama Bay was sited for its design, ambience and gracious staff, 'Old Bahama Bay is so serene that hummingbird serenades and the waves lapping at the shore are the only sounds you'll hear. The 24-rooms-set in four pastel-hued, Bahamian-style buildings facing the Atlan c-are large, airy, and handsomely furnished, each with a veranda overlooking the beach.”