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L+M Secures Financing for $179M Affordable in Brownsville
L+M Development Partners closed on financing for the $179-million construction of three new buildings as part of the Marcus Garvey Extension Project. The project is an affordable and supportive housing complex located in Brooklyn’s Brownsville neighborhood that’s an expansion of Marcus Garvey Apartments. It’s being funded through a range of public and private financing sources.
These include New York State Housing Finance Agency (HFA) tax-exempt bond financing, Low Income Housing Tax Credits, HFA’s Supportive Housing Opportunity Program subsidy, HFA’s New Construction Capital Program subsidy and HFA’s Middle-Income Housing Program subsidy, as well as tax credit equity and a construction loan from Wells Fargo.
The three new buildings—169 Livonia Ave., 215 Livonia Ave. and 449 Chester St.—will total 348 units, half of which are located at 449 Chester. Construction on the two Livonia Avenue buildings is slated for late-2021 completion, while 449 Chester is due for completion in 2022.
Pictured: 215 and 169 Livonia Ave.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
