Brooklyn Affordable Housing Development Rises With $170M in Financing

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Greenpoint Landing Associates has landed $170 million of construction financing for an affordable housing development in Greenpoint, Brooklyn, Commercial Observer has learned.

New York City Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) led the debt package for the fully affordable, 373-unit project at 35 Commercial Street, with Wells Fargo also contributing to the financing, according to sources familiar with the transaction. 

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The project will bring Greenpoint Landing’s total number of affordable and income-targeted units to more than 1,200 built or underway.

“We are so proud to partner yet again with the City to create nearly 400 new and much-needed units of low-tier AMI affordable housing, accessible to New Yorkers ranging from formerly homeless to families earning up to 110% of [area median income],” Anne Carson Blair, spokesperson for Greenpoint Landing Associates, said in a statement.

Handel Architects designed the 22-story building with substantial use of brick detailing to blend in with the neighborhood’s industrial tradition. The properties amenities include an outdoor and indoor children’s play area, gym, tenant recreation space, on-site laundry room, bike parking and broadband access. It will also be certified under Enterprise Green Communities and be home to roughly 7,600 square feet of retail space.

“We are glad to move forward with this exciting new development that is set to give nearly 400 low and moderate income families a brand new affordable place to call home,” HPD Commissioner Louise Carroll said in a statement.This development is a reflection of the City’s commitment to providing high quality affordable housing to the lowest earning households and ensuring neighborhoods represent New York’s diversity.”

Officials for Wells Fargo did not immediately respond to a request for comment on the deal.

Andrew Coen can be reached at acoen@commercialobserver.com.