L+M Development Partners closes $179 million in construction financing for Marcus Garvey Extension Project

0
474
Renderings of 215 169 Livona (Curtis Ginsberg Archjitects)
Renderings of 215 169 Livona (Curtis Ginsberg Archjitects)

L+M Development Partners has closed $179 million in construction financing for its Marcus Garvey Extension Project—an affordable and supportive apartment complex in Brownsville, Brooklyn, Commercial Observer (CO) has reported.

Curtis + Ginsberg Architects designed 215 Livonia Ave. and 169 Livonia Ave., while Bernheimer Architecture designed 449 Chester St. Construction of the two Livonia Street buildings is expected to conclude in 2021, while the Chester Street building will be completed in 2022, CO reported.

In total, the three new buildings will include 348 units and 13,400 sq. ft. of commercial and community space.

The project has been funded through both public and private sources including New York State Housing Finance Agency (HFA) tax-exempt bond financing, a construction loan and tax credit equity from Wells Fargo; HFA’s New Construction Capital Program subsidy and HFA’s Middle-Income Housing Program subsidy, Low Income Housing Tax Credits and HFA’s Supportive Housing Opportunity Program subsidy.

The new buildings are part of an overall seven-site extension plan to develop 700 new affordable housing units and 30,000 sq. ft. commercial and community facility space on vacant development sites within the Marcus Garvey complex. L+M acquired the 625-unit Marcus Garvey Apartments in 2014, undertaking the major redevelopment project.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.