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RiseBoro Closes $412M Financing for Second Phase of East New York Project
RiseBoro Community Partnership closed on $412.4 million in financing for the second phase of Alafia, a wellness-oriented mixed-use development in East New York. The project is funded through a range of public and private financing sources, including a construction loan from Bank of America, tax credit equity from Merchants Capital Investment LLC, subsidy from the New York State Housing Finance Agency’s New Construction Program and Community Investment Fund, and a permanent loan from Merchants Capital Corp.
The project’s second phase will deliver two 14-story buildings with a combined 634 affordable housing units, including supportive housing, and approximately 22,000 square feet of retail and community facility space. Construction is expected to be completed by the fall of 2027. L+M Development Partners LLC and Apex Building Group are co-developers on the project.
“With today’s phase two closing, RiseBoro has taken another step towards achieving our goal of giving New Yorkers not just an affordable place to live, but a home,” said Kieran Harrington, CEO of RiseBoro. “We look forward to continuing to work with our partners to bring this project over the finish line.”
- ◦Development
- ◦Financing
