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Developer Wins $83M Financing

NEW YORK CITY-A joint venture secures $83 million in financing for an 80/20 apartment on the Lower East Side. When it's completed in 2008, the 208,000-sf property will have 243 apartments.

By Barbara Jarvie | Updated on May 07, 2006

(To read more on the debt and equity markets, click here.)

NEW YORK CITY-Approximately $83 million in construction financing under the New York State Housing Finance Agency’s 80/20 program has closed for a project on the Lower East Side. The owner/developer of the property is an affiliate of Edison Properties LLC and Hunter Roberts Construction Group.

The apartment at 188 Ludlow St., will total 208,000 sf with 6,000 sf of retail space. Once it’s completed in 2008, it will contain 243 units. In addition to providing 20% low-income housing, the developer is setting aside 5% for moderate-income tenants. The joint venture leased the land from Edison Properties LLC under a 99-year agreement. The building was designed by Costas Kondylis & Associates.

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