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116 Beach 36th Street

Updated Dec 30, 2025

L&M Development Partners Secures $278 Million Loan From Goldman Sachs For 320-Unit Development In Far Rockaway
FINANCEDDevelopment Site

L&M Development Partners Secures $278 Million Loan From Goldman Sachs For 320-Unit Development In Far Rockaway

116 Beach 36th Street

$278,000,000

Units

320

Asset Type

Development Site

Closing

Dec 29, 2025

About this deal

AI

A joint venture led by L+M Development Partners has secured construction financing for a development site located at 116 Beach 36th Street in Far Rockaway, Queens. The project entails the construction of Arverne East Building D, which will consist of 320 units, including 230 affordable units, as part of a broader initiative that aims to provide a total of 1,650 affordable housing units in the area. The total loan amount for this undertaking is $278,000,000.

Summary of transaction details:

This financing transaction showcases the collaboration between various lenders including Goldman Sachs’ Urban Investment Group and the involved housing development corporations, emphasizing a commitment to affordable housing in New York City. Lisa Gomez represents L+M Development Partners in this significant venture.

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$278,000,000

Development Site

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Players

Goldman Sachs
Goldman SachsLender
L+M Development Partners
L+M Development PartnersLandlord
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Far Rockaway Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Deal FAQ

About $868.8K per unit across 320 units on a published $278M (2025).

Browse Far Rockaway development site loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.06%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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