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Developers Secure $98M Financing for Conversion of Harlem Correctional Facility

LDG Group LLC, Infinite Horizons, L+M Development Partners and Urbane Development Group have closed on $97.8 million in financing to redevelop the former Lincoln Correctional Facility in Harlem. The redevelopment of the long-vacant correctional facility will create 105 new affordable cooperative units for households earning between 40% and 100% of the Area Median Income.

At 22 stories, the project will be the tallest 100% affordable homeownership development in New York City to meet Passive House certification, according to Gov. Kathy Hochul’s office. The Hochul administration selected the development team for the Lincoln project in 2023.

Project financing includes construction loans through M&T Bank and funding through the New York State Homes and Community Renewal Affordable Homeownership Opportunity Program, New York City Department of Housing Preservation & Development Open Door Program, and the New York State Community Resiliency, Economic Sustainability, and Technology Program secured in partnership with the New York State Assembly and Senate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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