L+M Development Close $52M on Financing for Mixed-Income Development

1 min read

A new 80/20 rental building in New York will provide 22 permanently affordable homes.

New York— L+M Development Partners, the New York State Housing Finance Agency and TD Bank announced the closing on $52.8 million in construction financing for a new 80/20 multifamily rental building. Located at 79 Avenue D at East 6th St., the 12-story, 22-unit building will consist of permanently affordable housing and 88 market-rate units.

“Our approach to meeting increased demand in neighborhoods like the East Village is to deliver mixed-income rentals alongside new permanently affordable homes,” said Ron Moelis, CEO and co-Founder of L+M Development Partners. “Our Avenue D project is a step toward increasing the available housing stock in the neighborhood and I want to thank our partners, TD Bank and HFA, for their support.”

Ron Moelis, CEO and Co-Founder of L+M
Ron Moelis, CEO and Co-Founder of L+M

The building will contain amenities such as a fitness center, second-floor terrace, package room, function room, landscaped rooftop deck and bicycle storage.

“We’re pleased to be involved with this exciting opportunity to create mixed-income housing for the residents of the East Village,” said Matthew Schatz, vice president at TD Bank. “We worked closely with L+M Development to identify the ideal financing for this unique project.”

The building’s ground-floor retail space has been pre-leased to Rite Aid. Completion of the development is anticipated for 2018.




You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.