MLappin & Associates LLC is pleased and proud to announce the closing on the acquisition and construction financing for three New York City-owned properties in East New York, Brooklyn. This is the first phase of a project that will create 75 newly-constructed rental units in five buildings. The first three sites were awarded to the team by HPD through a Request for Proposals. Units will be affordable to families with incomes between 30% and 70% of area median income, with rents ranging from $283/month for a one-bedroom unit to $1592 for a two-bedroom unit.
The development team includes managing members East Brooklyn Congregations, MLappin & Associates, The Marcal Group and DA Widerkehr LLC. Marcal Contracting Co LLC will be the general contractor and the architect is DeLaCour Ferrara & Church Architects, PC. Enterprise Green Community consulting was provided by Sparhawk Group. Langsam Property Services will be our property manager upon completion.
Our financing partners are Raymond James Tax Credit Funds, providing equity through the purchase of 9% Low Income Housing Tax Credits allocated by the NYC Department of Housing Preservation and Development and a subsidy also provided by HPD. TD Bank provided construction financing, and a permanent loan commitment was offered through Walker and Dunlop for a 30-year, forward rate-locked Freddie Mac loan.
Construction has begun on Phase 1 and completion is expected in July 2022.