Developer Wins $83M Financing

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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.