L+M Development Close $52M on Financing for Mixed-Income Development
- Nov 02, 2016
By IvyLee Rosario
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.”
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.