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

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:

• Property Type: Development Site
• Transaction Amount: $278,000,000
• Units: 320
• Lender: Goldman Sachs, New York City Department of Housing Preservation & Development, New York City Housing Development Corporation, New York State Homes & Community Renewal
• Landlord: Lisa Gomez - L+M Development Partners

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.