L+M Development Partners has closed on $179 million in financing that will support the construction of three new buildings within the Marcus Garvey Extension Project. Located in Brownsville, Brooklyn, the buildings will establish 348 affordable and supportive housing units and approximately 13,400 square feet of commercial and community facility space.
Construction of the two buildings at 169 and 215 Livonia Avenue is expected to be completed by late 2021. The third building at 449 Chester Street is expected to be completed by mid-2022.
Financing for this phase of development was aggregated from a mix of both public and private sources including tax-exempt bond financing and subsidies from the New York State Housing Finance Agency (HFA), Low Income Housing Tax Credits, in addition to tax credit equity and a construction loan from Wells Fargo.
“Wells Fargo is honored to partner with L+M Development Partners on another affordable project serving the needs of the people of New York City with the financing for the expansion of Marcus Garvey Apartments, which will contribute much-needed additional affordable and supportive housing to Brooklyn,” said Alan Wiener, head of Wells Fargo Multifamily Capital. “Wells Fargo is committed to providing financial solutions to support the development of affordable housing in areas where there are the biggest needs.”
Curtis + Ginsberg Architects designed both Livonia Avenue buildings. The seven-story 215 Livonia Avenue will include 96 residential units, including 52 supportive housing units, dedicated to families coming out of shelter. The building’s ground level will support retail and community facility space powered by Women in Need, the largest provider of shelter and supportive housing for homeless families in New York with a focus on women and youth populations.
169 Livonia Avenue will rise eight stories with 78 residential units and approximately 5,400 square feet of ground-floor community facility space.
Bernheimer Architecture served as architect for the third and final building at 449 Chester Street. This structure will also rise eight stories with approximately 174 residential units, including 52 supportive housing units reserved for the formerly incarcerated.
Ground-level community facilities will occupy 1,750 square feet and parking accommodations for 36 vehicles. Services offered by the Osborne Association will facilitate the reintegration of residents into civilian life. Programming will specifically address substance abuse, education, and employment assistance.
Each of the three buildings will also contain a bike room, laundry room, community room, and a landscaped rear yard for the residents.
“The Osborne Association is pleased to be working with L+M to provide affordable housing and supportive services to older adults returning to our community from incarceration,” said Elizabeth Gaynes, president and CEO, The Osborne Association. “Since its founding in 1933, Osborne has provided programs, such as our Elder Reentry Initiative, that seek to mitigate the harm of crime and incarceration on individuals, families, and communities. This project will be a welcome extension of such services by addressing the urgent need for stable housing for older adults who have served their time and transformed their lives, but often travel a well-worn path from prison to New York City shelters.”
The three new buildings are part of a seven-site masterplan that will eventually include more than 700 new units of affordable housing and 30,000 square feet of commercial and community facility space. Prior to development, much of the area included vacant and underutilized parcels of land.