NEW YORK CITY-Partnering to help spur development in Upper Manhattan, Citi Community Capital, Next Street, Carver Community Development Corp. and NCIF closed on $35 million of permanent financing for 4469 Broadway, an eight-story, 85-unit mixed-use property in Washington Heights.

The financing was structured through the New Markets Tax Credit Program, a federal initiative designed to create new or higher investments in businesses and real estate projects located in low-income communities. Under the terms of the deal, Citi provided $10.2 in equity and a seven-year $17 million leverage loan for the project.

“Faced with a tight deadline, the project sponsors and our financing partners truly came together and managed to close a very complex transaction,” says William Yates, director of Citi Community Capital, in a statement. “Our role in this project is emblematic of Citi’s commitment to lend and invest in the communities where we do business.”