Greenpoint Settled $170 Million Of Construction Financing For An Affordable Housing Development

Greenpoint Landing Associates has achieved $170 million of construction financing for affordable housing development in Greenpoint, Brooklyn.

New York City Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) began the debt package for the fully affordable, 373-unit project at 35 Commercial Street, with Wells Fargo also offering the financing.

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

Handel Architects planned the 22-story building with substantial use of brick detailing to combine in with the neighborhood’s industrial tradition. The property’s amenities add an outdoor and indoor children’s play area, gym, tenant fun space, on-site laundry room, bike parking, and broadband access.

HPD Commissioner Louise Carroll said as they are glad to move forward with this impressive new development that is set to give almost 400 low and moderate-income families a brand new affordable place to call home and this development is a representation of the City’s commitment to affording high-quality housing to the lowest-earning households and securing neighborhoods serve New York’s diversity.

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