Developers Secure $98M Financing for Conversion of Harlem Correctional Facility
LDG Group LLC, Infinite Horizons, L+M Development Partners and Urbane Development Group have closed on $97.8 million in financing to redevelop the former Lincoln Correctional Facility in Harlem. The redevelopment of the long-vacant correctional facility will create 105 new affordable cooperative units for households earning between 40% and 100% of the Area Median Income.
At 22 stories, the project will be the tallest 100% affordable homeownership development in New York City to meet Passive House certification, according to Gov. Kathy Hochul’s office. The Hochul administration selected the development team for the Lincoln project in 2023.
Project financing includes construction loans through M&T Bank and funding through the New York State Homes and Community Renewal Affordable Homeownership Opportunity Program, New York City Department of Housing Preservation & Development Open Door Program, and the New York State Community Resiliency, Economic Sustainability, and Technology Program secured in partnership with the New York State Assembly and Senate.
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout