L+M Development Partners Secures $278M for Queens Affordable Housing Project
L+M Development Partners has secured a $278 million construction loan for Building D at Arverne East in Queens, which will feature 230 affordable rental units and 90 for-sale homes, with completion anticipated in 2028. The project, covering 360,000 square feet in a 10-story structure, aims for Phius certification and utilizes sustainable energy sources, contributing to the broader plan of adding 15,000 new housing units in the area despite current production slowdowns.
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L+M Development Partners has secured a $278 million construction note for Building D at Arverne East in Queens, New York, which will include 230 affordable rental units and 90 for-sale homes, with completion expected in 2028. The financing involves the Urban Investment Group at Goldman Sachs Alternatives, New York City Department of Housing Preservation and Development, and other local agencies.
Building D will cover 360,000 square feet in a 10-story structure with commercial space on the first floor. The project aims for Phius certification, utilizing solar and geothermal energy, and strives for net zero emissions.
Originating in response to Superstorm Sandy in 2012, Arverne East will ultimately include 1,320 affordable rental units and 330 market-rate apartments. Despite a slowdown in housing production in Queens, the New York City Council's OneLIC Neighborhood Plan aims to introduce 15,000 new units, including 4,350 affordable apartments.
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