NEW YORK CITY — Apex Building Group and L+M Development Partners have obtained approximately $217 million in financing for the third phase of the Alafia project, an affordable housing community in the East New York neighborhood of Brooklyn. The nonprofits RiseBoro Community Partnership and Services for the Underserved also are partners. The financing package is backed by federal and state affordable housing tax credits, tax-exempt bonds, state subsidies, construction loans from Redstone Bank, funding from Goldman Sachs Urban Investment Group and more.
Phase III will consist of two residential buildings containing 273 units, primarily reserved for tenants earning up to 70 percent of area median income. This phase also will feature the construction of a 1-acre public park, which will include a one-mile fitness loop, children’s play area and courtyards. Construction of Phase III is slated for completion in 2029.
Upon completion of all six phases, the Alafia redevelopment will bring approximately 2,600 units of affordable housing, 50,000 square feet of commercial and community facility space, including a new One Brooklyn Health medical facility and a senior center, approximately 20,000 square feet of open and urban agriculture space and several thousand square feet of retail space. Phase II costs were approximately $316 million.