New York & Tri-State + Uptown/Bronx + Apartments | June 30, 2021

Jonathan Rose-Led Partnership Closes on $223M Financing for East Harlem Project

Jonathan Rose Companies, L+M Development Partners and Acacia Network have closed on $223 million in financing for the second and final phase of Sendero Verde, a 100% affordable mixed-use Passive House and Enterprise Green Communities-certified development in East Harlem.

Phase two of Sendero Verde will include 347 units of affordable housing serving a variety of income tiers. A 2024 completion is expected.

The $223-million phase two of Sendero Verde was financed with construction loans from city agencies and grant funding from NYSERDA. The project is also funded through a letter of credit from Citi Bank and a tax-credit syndication to Goldman Sachs.

“Sendero Verde’s mix of incomes, passive house design, plaza, gardens and more than 85,000 square feet of community space serving education, youth and senior activities and health needs provides a model for the next generation of communities of opportunity,” said Jonathan Rose Companies president Jonathan F.P. Rose.

Rendering courtesy of Volley Studio.

Connect

Inside The Story

Jonathan Rose Companies’ Rose

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

Order Reprints