Exclusive: Developers secure $223M to launch final phase of Harlem affordable housing project

The developers behind a more than 700-unit affordable housing project in East Harlem have closed on $223 million in financing for the second and final phase of the development.

L+M Development Partners, Jonathan Rose Companies and Acacia Network received the money via construction loans from the New York City Housing Development Corporation and the New York City Department of Housing Preservation and Development, along with funding from the City Council and the New York State Energy Research and Development Authority.

Phase two of the project, known as Sendero Verde, will feature a 34-story tower with almost 350 affordable housing units serving tenants ranging from the formerly homeless to people earning 90%

→ Continue reading at Crain's New York Business

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