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Barings Provides $12M Financing on Brooklyn Affordable Project
Barings will provide $11.5 million in permanent financing for Euclid Glenmore Apartments, an affordable multifamily housing development in the East New York section of Brooklyn. The project is being developed by the Lantern Organization and Mega Contracting Group.
Upon completion, the eight-story building will provide 135 housing units to tenants at or below 60% average median income. Eighty-one of those units will be set aside for formerly homeless families or individuals. There will also be a dedicated supportive services office on the premises and a community center that will provide childcare and medical services.
“It’s great to see this housing development begin construction,” said Daron Tubian, managing director and head of affordable housing Investments at Barings. “Market dynamics for affordable housing developers are currently very challenging and structuring these transactions requires creativity and the ability to continuously restructure deals until they are ready to close.”
- ◦Development
- ◦Financing
