Phipps House has closed on $217 million in construction financing for the first phase of the Atlantic Chestnut affordable housing development, as reported by the New York Real Estate Journal. When completed, Atlantic Chestnut will be the largest project developed under the 2016 East New York rezoning. The New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp.’s (HDC) ELLA Program, and Wells Fargo provided financing.