L+M Converts Queens Affordable to Permanent Financing
L+M Development Partners converted Beach Green Dunes II, a mixed-use residential development in the Edgemere neighborhood of Queens, to permanent financing. The eight-story, 100% affordable mixed-use project opened in November 2019 and features 127 rental units.
The project was L+M’s first building designed and built to Passive House standards. The total development cost for Beach Green Dunes II was approximately $53.8 million
The permanent financing was accomplished through $13,938,025 in tax credit equity provided by Red Stone Equity Partners and an additional $940,000 in New York City Housing Development Corporation subsidies.
“This building combines first class apartments with environmentally-conscious development standards, helping to preserve affordability in New York City while also contributing to a more resilient coastline,” said L+M’s Sara Levenson. “Beach Green Dunes II is a wonderful addition to the Edgemere community and a model of the type of innovative, green housing that can be built in our city.”
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).