Merchants Capital announced more than $316 million in construction, permanent and equity financing for the second phase of Alafia (Alafia Phase II), a mixed-use development in East New York, Brooklyn, NY. Part of an expansive affordable housing development and the Vital Brooklyn Initiative community development program, the second phase of Alafia will provide 634 affordable and supportive housing units, and 22,000 square feet of retail and community facility space. This marks the second deal in the state to utilize a Freddie Mac Unfunded Permanent TEL Forward loan.
Related Posts
Dominium Acquires Sunrise Point in Port Orange
Dominium acquired Sunrise Pointe, a 208-unit multifamily housing community in Port Orange, Florida. Originally built in 2001 using 4% LIHTC, Sunrise Pointe will continue to serve residents at 60% AMI.
Merchants Capital Provides $99 Million in Financing for The Elex
Merchants Capital provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit mixed-use, mixed-income workforce housing community in Fort Wayne, Ind. The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that celebrated its grand opening last month.
Pennrose and OUR Center Open Aspen Center for Child Development in Ascent at Hover Crossing
Pennrose and OUR Center are opening the Aspen Center for Child Development, a Reggio Emilia-inspired early care and education center built into the Ascent at Hover Crossing development in Longmont, Colorado.
Pennrose Celebrates Grand Opening of Good Shepard
Pennrose and project partners celebrated the grand opening of Good Shepherd, a 55-unit affordable senior housing community for adults 62+ at the former Good Shepherd Presbyterian Church site in Philadelphia’s Overbrook neighborhood.