L+M Development Converts Queens Affordable Housing Asset to Permanent Financing

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L+M Development Partners has obtained permanent financing for an affordable housing, mixed-use residential development in Queens, Commercial Observer has learned.

The Larchmont, N.Y.-based developer announced Wednesday that it converted Beach Green Dunes II in Far Rockaway to permanent financing thanks to a $13.9 million tax credit equity provided by Red Stone Equity Partners. It also received an additional $940,000 in New York City Housing Development Corporation (HDC) subsidies, granted from the New York City Department of Housing Preservation and Development (HDP).

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Located at 45-19 Rockaway Beach Boulevard in the Edgemere section of Far Rockaway, the eight-story, 100 percent affordable housing property features 127 rental units and around 2,600 square feet of ground floor retail. It is situated adjacent to the Beach 44 Street A Train subway station and two blocks from the Rockaway Beach Boardwalk.

“This building combines first class apartments with environmentally-conscious development standards, helping to preserve affordability in New York City while also contributing to a more resilient coastline,” Sara Levenson, senior director at L+M, said in a statement. “Beach Green Dunes II is a wonderful addition to the Edgemere community and a model of the type of innovative, green housing that can be built in our city.”

The total development cost for Beach Green Dunes II was roughly $53.8 million, aided by $19.7 million in tax-exempt bonds issued by HDC and $8.3 million of government subsidies. HDP also provided $18.4 million in city capital financing.

Officials for Red Stone did not immediately respond to a request for comment.