Drum Hill Senior Living Community|
92 Ringgold Street
Drum Hill Senior Living Community, located in Peekskill, New York is a testament to Trinity’s vision, creativity and persistence. Vacant for more than 15 years, this old school building was one of those sites that people would always look at and say," I wish someone would do something with that building”. Two previous developers attempted to develop the site with no success. Obstacles such as the historic significance, surrounding residential community opposition and the extent of deterioration of the building all made less capable and committed developers walk away from the project.
Since the building was listed on the National Historic Registry in 1979 it enabled Trinity finance the project by use of historic tax credits in addition to low income tax credits, Westchester County, NY Housing Implementation Funds, and tax exempt bond financing. The construction of this 120-unit project began in November of 1998 and included the historic renovation of the existing building and the construction of a new 72 - unit wing. The property was placed in service in December of 1999. This 1 year construction schedule was better than originally anticipated.
Drum Hill reached stabilization 6 months ahead of schedule and all of the bank’s covenants were met within the first year of operation. The project, which has now been in operation for the past 10 years, enjoys a great reputation and continues to maintain a 95 to 100 percent occupancy level. Trinity is beginning its 10th year of management of this 120 unit facility, which includes tax credit and age restriction compliance.