Jonathan Rose Companies, L + M Development Partners and Acacia Network today announced the completion of the second and final phase of Sendero Verde’s $ 223 million financing, a 100 percent affordable, mixed-use passive house and enterprise green communities -Certified development in East Harlem.
The development includes 709 units of affordable housing, communal and social rooms, a school, publicly accessible open spaces, communal gardens and neighborhood retailing.
Phase two of Sendero Verde will include 347 units of affordable housing that will serve a variety of income brackets, from formerly homeless to 90% of the median income of the area, plus one unit of a superintendent. Once both phases are completed, Sendero Verde will include a senior and youth community center, school, community art space and other community facilities, as well as numerous green and open spaces for the East Harlem neighborhood. Construction of the second phase is scheduled to begin in the coming weeks and be completed in 2024. The project will have a 60 year regulatory agreement and will benefit from a 40 year tax break through Article XI.
The second phase of Sendero Verde, worth $ 223 million, was funded by building loans from the New York City Housing Development Corporation and the New York Department of Housing Preservation and Development, with additional Resolution A funding from New York City Council and grants from NYSERDA. The project is also funded by a letter of credit from Citi Bank and a syndication of federal low-income residential tax credits and solar investment tax credits and New York State Brownfield Tax Credits to Goldman Sachs.
“Sendero Verde’s income mix, passive house design, plaza, gardens and more than 85,000 square feet of community space for education, youth and senior activities and health needs provide a model for the next generation of communities with opportunity,” said Jonathan Rose Companies President Jonathan FP Rose. “We are so grateful for the support from our neighbors and the local council, our partners and the city agencies that made this project possible.”
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