L+M lands $53M construction loan for East Village rental

Developer planning a 12-story building at 79 Avenue D

New York /
Oct.October 31, 2016 05:26 PM

UPDATED, 6:31 p.m., Oct. 31: L+M Development Partners scored a $52.8 million loan from TD Bank for the construction of its rental project at 79 Avenue D in the East Village.

The loan is backed by the New York State Housing Finance Agency, which issued $52.8 million in tax-exempt and taxable housing revenue bonds purchased by TD Bank, according to a representative from L+M.

The developer is planning a 12-story building that will feature 22 units of permanently affordable housing and 88 market-rate units spread across 88,000 square feet. The 80/20 project also includes nearly 13,300 square feet of retail space across the ground and basement floors. Rite Aid — which was previously housed at the site — has pre-leased the space. The developer paid $12.5 million to the Fried family for the site in 2014.

L+M Development, headed by Ron Moelis, actively develops both affordable and market-rate housing. The company, along with Hornig Capital Partners, has teamed up with SBH Health System to develop 314 units of supportive housing in the Bronx. L+M is also planning a 59-story mixed-use development at 23 Park Row in the Financial District.

Correction: A previous version of this story incorrectly implied there are buildings at the site. They have been demolished. It also stated there is 7,800 square feet of commercial space planned for the building. There is nearly 13,300 square feet of retail space across the ground and basement levels.


Related Articles

arrow_forward_ios
L+M Development Partners' Ron Moelis and a rendering of Sendero Verdo (Photos via L+M; Handel Architects)
L+M in deal with union laborers to cut wages on affordable projects
L+M in deal with union laborers to cut wages on affordable projects
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)
Related to buy Section 8 buildings for $435M
Related to buy Section 8 buildings for $435M
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)
Judge deals another blow to Two Bridges towers
Judge deals another blow to Two Bridges towers
East Williamsburg’s Williamsburg Houses and the Harlem River Houses and (Credit: Wikipedia)
NYCHA inks $1.5B deal to privatize management of 5,900 units
NYCHA inks $1.5B deal to privatize management of 5,900 units
L+M Development Partners’ CEO Ron Moelis and an aerial of 401 Chester Street (Credit: L+M, Google Maps)
L+M transfers piece of big Brooklyn residential project to Dunn
L+M transfers piece of big Brooklyn residential project to Dunn
Ron Moelis of L + M Development Partners (Credit: iStock)
L+M to pay $25,000 penalty for unreported lobbying
L+M to pay $25,000 penalty for unreported lobbying
From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)
L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing
L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing
Supreme Court Judge rules against LES development
Two Bridges developers plan to contest judge’s ruling against plans for LES mega development
Two Bridges developers plan to contest judge’s ruling against plans for LES mega development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...