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JV closes on $223M loan for affordable East Harlem development

Jonathan Rose Companies, L+M Development Partners and Acacia Network today announced the closing of $223 million in financing for the second and final phase of Sendero Verde, a 100 percent affordable mixed-use Passive House and Enterprise Green Communities certified development in East Harlem.

The development features 709 units of affordable housing, community and social services space, a school, publicly accessible open space, community gardens, and neighborhood retail.

Phase two of Sendero Verde will include 347 units of affordable housing serving a variety of income tiers, from formerly homeless to 90% of Area Median Income, as well as one superintendent’s unit. Once both phases are completed, Sendero Verde will include a senior and youth community center, school, community art room, and other community amenities, as well as numerous green and open spaces for the East Harlem neighborhood. Phase two is expected to begin construction in the coming weeks, to be completed in 2024. The project will have a 60-year regulatory agreement and will benefit from a 40-year tax abatement through the Article XI.

The $223 million phase two of Sendero Verde was financed with construction loans from the New York City Housing Development Corporation and the New York City Department of Housing Preservation and Development, with additional Resolution A funding from the New York City Council and grant funding from NYSERDA. The project is also funded through a letter of credit from Citi Bank 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.

“Sendero Verde’s mix of incomes, passive house design, plaza, gardens and more than 85,000 square feet of community space serving education, youth and senior activities and health needs provides a model for the next generation of communities of opportunity,” said Jonathan Rose Companies President Jonathan F.P. Rose. “We are so grateful for the support of our community neighbors and the local Community Board, our partners and the city agencies that made this project possible.”

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https://rew-online.com/jv-closes-on-...m-development/