Rendering of Sendero Verde/ Image credit: Handel Architects
NEW YORK CITY— L+M Development Partners, Jonathan Rose Companies & Acacia Network closed on $223 million in financing for Phase One of a 100% affordable housing project in East Harlem, called Sendero Verde. When all phases are completed, the complex will have nearly 700 units of affordable housing, community and social service space, a school, open public space, community gardens and neighborhood retail. It will build up one of the largest remaining development sites in Manhattan.
Designed by Handel Architects, Sendero Verde's Phase One is expected to begin construction in the coming weeks and to be completed in 2022. This first phase is being built at 60 E. 112th St. and 75 E. 111th St.
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 are financing Phase One with construction loans. The New York State Energy Research and Development Authority is providing additional grant funding.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
