July 17, 2019 Comments Off on East Harlem MXU Closes on $223M in Financing Views: 363 New York News, Uptown/Bronx New York

East Harlem MXU Closes on $223M in Financing

L+M Development Partners, Jonathan Rose Companies and Acacia Network closed on $223 million in financing for phase one of Sendero Verde, a 100% affordable mixed-use development in East Harlem. It’s expected to be the country’s largest development to meet Passive House energy efficiency standards.

Financing came through construction loans from the New York City Housing Development Corporation and the city’s 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 Bank of America, and a syndication of federal low-income housing tax credits and solar investment tax credits, along with New York State Brownfield Tax Credits to Bank of America.

“Sendero Verde was conceived as a complete community of opportunity, a model of the future of affordable housing,” said Jonathan Rose Companies president Jonathan F.P. Rose.

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