Notice Details

New York City Economic Development Corporation (“NYCEDC”) is creating the Emerging Developer Loan Fund II (the “Program”) to provide financial support to real estate developers facing barriers to entry (“Emerging Developers”). The loan fund will finance real estate pre-development, acquisition, and construction costs for private projects, projects administered by NYCEDC, and projects with the City of New York (the “City”).

To facilitate the Program, NYCEDC is seeking a consultant. The consultant will be required to raise additional capital, in addition to the $5 million NYCEDC is already committing, and to structure the monies of the fund. The consultant will also review, underwrite, and originate loans to Emerging Developers. The consultant will also be responsible for the management of the loans and marketing of the fund. Details on each of these areas will be made explicit in the RFP.

NYCEDC’s objective in creating the Program is to eliminate the barriers to entry into the real estate developer community for Emerging Developers and to develop a pipeline of developers. Further, NYCEDC wants to ensure that Black, Indigenous and People of Color (“BIPOC”) real estate developers and BIPOC fund administrators that finance their projects have an opportunity to participate in the Program. To this end, NYCEDC strongly encourages BIPOC fund administrators that seek to finance projects being developed by BIPOC real estate developers to submit a response to this RFP.

NYCEDC plans to select a consultant on the basis of factors stated in the RFP which include but are not limited to: quality of the proposal, experience of key staff identified in the proposal and their experience performing services that are similar to those encompassed in the RFP, quality of the consultant’s existing portfolio, and the proposed additional capital raised and fee structure.

It is the policy of NYCEDC to comply with all federal, state, and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status, and other protected category and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (“M/WBE”) share in the economic opportunities generated by NYCEDC’s projects and initiatives. Please refer to the Equal Employment and Affirmative Compliance for Non-Construction Contracts Addendum in the RFP.

Companies that have been certified with the New York City Department of Small Business Services as M/WBEs are strongly encouraged to apply. To learn more about M/WBE certification, please visit https://sbsconnect.nyc.gov/certification-directory-search/. To learn more about NYCEDC’s M/WBE program, please visit http://www.nycedc.com/opportunitymwdbe.

An optional, virtual information session will be held on Thursday, October 5, 2023, at 10:00 a.m. Those who wish to attend should RSVP by email to EmergingDeveloperRFP@edc.nyc on or before Wednesday, October 4, 2023.

Respondents may submit questions and/or request clarifications from NYCEDC by Tuesday, October 10, 2023 at 5:00 p.m. Questions regarding the subject matter of this RFP should be directed to EmergingDeveloperRFP@edc.nyc. Answers to all questions will be posted by Friday, October 20, 2023, to https://edc.nyc/rfps. Questions regarding the subject matter of this RFP will not be accepted after 5:00 p.m. on Tuesday, October 10, 2023. However, technical questions pertaining to downloading and submitting proposals to this RFP may be directed to RFPrequest@edc.nyc on or before Monday, November 6, 2023.

Detailed submission guidelines and requirements are outlined in the RFP, available as of Wednesday, September 20, 2023. To download a copy of the solicitation documents please visit https://edc.nyc/rfps. RESPONSES ARE DUE NO LATER THAN Monday, November 6, 2023. Please click the link in the “Deadlines” section of this project’s web page (which can be found on https://edc.nyc/rfps) to electronically upload a proposal for this solicitation.