L+M Partnership Secures $45M Financing for Far Rockaway Project Infrastructure
L+M Development Partners, Bluestone Organization and Triangle Equities closed on $44.66 million in financing for the reconstruction of Edgemere Avenue between Beach 32nd and Beach 38th streets, a critical infrastructure improvement both to the overall peninsula and to the 1,650-apartment Arverne East, now under development on the Rockaway Peninsula’s Edgemere and Arverne neighborhoods.
This phase of the project is being funded by Housing Infrastructure Funds provided by the New York City Department of Housing Preservation and Development.
“Arverne East presents an unprecedented opportunity to transform this underutilized site into a sustainable and resilient housing development for families on Far Rockaway,” said Sara Levenson, senior director at L+M Development Partners.
She added, “The financing of this phase helps us get another step closer to fully realizing the nearly 1,650 units of affordable housing in Arverne and Edgemere along with a nature preserve and commercial and community spaces to complement the neighborhood.”