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Deals & Dealmakers

L&M bags$179M to build three affordable Brooklyn properties

215 Livonia Avenue and 169 Livonia Avenue

L+M Development Partners closed on financing for the construction of three new buildings as part of the Marcus Garvey Extension Project, a 100 percent affordable and supportive housing complex in Brownsville, Brooklyn and an expansion of Marcus Garvey Apartments.

The three buildings will comprise 348 units and approximately 13,400 s/f of commercial and community facility space, including housing and supportive services for families coming out of shelters, and the formerly incarcerated.

The $179 million portion of the expansion project is funded through a range of public and private financing sources.

These include New York State Housing Finance Agency (HFA) tax-exempt bond financing, Low Income Housing Tax Credits, HFA’s Supportive Housing Opportunity Program subsidy, HFA’s New Construction Capital Program subsidy and HFA’s Middle-Income Housing Program subsidy, as well as tax credit equity and a construction loan from Wells Fargo.

Curtis + Ginsberg Architects designed both 215 Livonia Avenue and 169 Livonia Avenue, and Bernheimer Architecture designed 449 Chester Street.

Ron Moelis, principal of L+M, said, “Our longstanding commitment to the revitalization of the Marcus Garvey Apartments is centered around community building and improvements for our residents and the surrounding neighborhood, and this addition of 348 affordable apartments, retail and community facility space builds on that commitment.

“This project will build on the momentum of our past work and bring much needed affordable housing and amenities to the neighborhood.”

The seven-story 215 Livonia Avenue will include 96 residential units, including 52 supportive housing units, and approximately 6,000 s/f of ground-floor retail and community facility space. The 52 supportive housing units will be dedicated to families coming out of shelter, with Women in Need providing services and programing for those units. The eight-story 169 Livonia Avenue will include 78 residential units and approximately 5,400 s/f of ground-floor community facility space.

449 Chester Street will be an eight-story building with approximately 174 residential units, including 52 supportive housing units, 1,750 s/f of ground floor community facility space, and 36 parking spaces.

The supportive housing units will be for people re-entering the community after incarceration, with services and programming provided by the Osborne Association.

Each of the three buildings will also contain a bike room, laundry room, community room and a landscaped rear yard for the residents. Construction is expected to be complete by mid 2022.

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