Barings Provides $11.5M Permanent Loan for Brooklyn Affordable Housing Project

by Taylor Williams

NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.

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