New York & Tri-State + Outer + Finance | January 10, 2023

L+M Partnership Closes on $96M Financing for Far Rockaway Mixed-Use

L+M Development Partners, in partnership with Triangle Equities and The Bluestone Organization, closed on $95.7 million in financing for Beach Green Dunes III, a mixed-use project in Far Rockaway, Queens. The development will bring 146 affordable units, commercial and retail space, a community facility, and a new transit plaza to the Edgemere community.

Financing was provided through tax-exempt bonds, subsidy loans from the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, funding from Queens Borough President Donovan Richards and the New York City Council, along with low-income housing credits and energy tax credits. Construction on the certified Passive House project will begin in the coming weeks.

“Beach Green Dunes III builds on L+M’s longstanding commitment to building high-quality, affordable homes focused on sustainability and resiliency for families in the Rockaways,’’ said Sara Levenson, senior director, L+M Development Partners.

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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 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).