As reported in Real Estate Weekly, financing has closed on the second and final phase of Sendero Verde, a Passive House affordable mixed-use development in East Harlem. $223 million in Phase 2 financing included New York City Housing Development Corporation and New York City Department of Housing Preservation and Development construction loans, a New York State Energy Research and Development Authority grant, and Resolution A funding from the NYC Council and Borough Presidents Discretionary Funding, along with a Citi Bank letter of credit, LIHTCs, and solar investment tax credits.
The closing of Phase 2 financing was also covered by Crain’s New York, Finance Advice Today, the New York Business Journal, Multi-Housing News, and New York YIMBY.