NEW YORK CITY — A partnership between Apex Building Group and L+M Development Partners has received $217 million in construction financing for a new affordable housing project in Brooklyn. The project represents Phase III of a larger, 27-acre project known as Alafia, which is a redevelopment of the former site of the Brooklyn Developmental Center. Phase III will comprise 273 units that will be reserved for households earning 70 percent or less of the area median income. Phase III will also involve construction of a one-acre public park with a fitness loop, children’s play area and residential courtyards. Redstone Bank provided a construction loan as part of the financing package, which also includes federal and state tax credit equity, among other subsidies. Phase III construction is expected to be complete in 2029.
Upon full completion, Alafia will have approximately 2,600 units of affordable housing and 50,000 square feet of commercial and community facility space, including the new One Brooklyn Health medical facility and a senior center, as well as more than 20,000 square feet of open and urban agriculture space and several thousand square feet of retail space.
Partnership Receives $217M in Construction Financing for Brooklyn Affordable Housing Project
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