L+M Development Partners along with the New York State Housing Finance Agency and TD Bank have closed on a $52.8 million construction loan for a new 80/20 multifamily rental building. Located at 79 Avenue D at East 6th St., the 12-story building will consist of 22 permanently affordable housing units and 88 market-rate units. The building will contain amenities such as a fitness center, second-floor terrace, package room, function room, landscaped rooftop deck and bicycle storage. The building’s ground floor retail component has been pre-leased to Rite Aid. The project is slated for completion in 2018.
“Our approach to meeting increased demand in neighborhoods like the East Village is to deliver mixed-income rentals alongside new permanently affordable homes,” said Ron Moelis, CEO and co-Founder of L+M Development Partners. “Our Avenue D project is a step toward increasing the available housing stock in the neighborhood and I want to thank our partners, TD Bank and HFA, for their support.”
