Monadnock Development and Christian Cultural Center, and Gotham Organization have secured $315 million to advance their Brooklyn affordable housing project at 12020 Flatlands Avenue.
The loan will support the construction of one phase of the development for 453 affordable rental units, according to a report from The Real Deal. The East New York development will take place on the Christian Cultural church's parking lot, which was previously vacant.
The move comes after the trio secured a separate construction loan worth $270 million to support the 1b phase of the project. This portion is set to build 386 rental units for families making 30 to 80 percent of the area's median income and deliver by 2027, according to The Real Deal.
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Also, there is the second phase of the development for the largest portion of the project, which will include 1,975 affordable units, a combined 22,000 square feet of community and retail space, and 102 parking spots. The Real Deal reported that Syndicator Red Stone Equity Partners' $151 million in fundraising and the $260 million coming from NYC's Housing Development Corporation and Department of Housing Preservation and Development will support the financing. The second phase represents one of the biggest affordable housing projects in recent history for East New York.
Brooklyn dominated NYC's multifamily market in 2024, according to Ariel Property Advisors' report, generating $3.48 billion in sales—a 59% year-over-year surge that outpaced Manhattan below 96th Street, which recorded $3.44 billion. For NYC, as a whole, JLL brokers Rob Hinckley and Jeff Julien are forecasting that multifamily sales volume will reach $10 billion in 2025, surpassing the combined totals of the previous two years.
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