Phipps Houses has closed $217 million in construction financing for Atlantic Chestnut, an affordable housing project in East New York that Bklynr reported will be the largest development in the neighborhood since it was rezoned in 2016. The 14-story building will include 1,165 apartments, 34.5% of which will be reserved for families earning 40-80% of area median income and 15% of which will be reserved for formerly homeless individuals. The development will feature commercial space, rooftop deck, courtyard, and on-site social services provided by a local non-profit. Atlantic Chestnut has a planned completion date of 2023.
You can read more about Atlantic Chestnut in Brooklyn Paper, Urbanize New York, Brownstoner, New York YIMBY, Real Estate Weekly, Multi-Housing News, and Construction Equipment Guide.