Partnership Receives $223M in Construction Financing for Sendero Verde Affordable Housing Project in Harlem
NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply.
The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income.
The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail.
Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal low-income housing tax credits and solar investment tax credits as well as New York State Brownfield Tax Credits to Goldman Sachs.
The project will follow Passive House design principles, which monitor energy efficiency and keep the indoor temperature at a consistent level throughout the heating and cooling seasons. The development will also be certified by Enterprise Green Communities, which sets criteria for green affordable housing construction nationwide.
Jonathan Rose Cos. is a national development, owner’s representative and investment management firm. The company works with cities and nonprofits to build green, affordable and mixed-income housing.
L+M Development is a developer of affordable, mixed-income and market-rate housing. Acacia Network is a social services organization in New York City and the largest Hispanic-led nonprofit in the state.
— Kristin Hiller and Taylor Williams