Jonathan Rose, L+M Development, Acacia secure $223m for mixed-use project
Jonathan Rose Cos., L+M Development Partners and Acacia Network have received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in the East Harlem neighborhood of New York City.
Sendero Verde is a 100 percent affordable mixed-use Passive House and Enterprise Green Communities certified development. The development will feature 709 units of affordable housing, community and social services space, a school, publicly accessible open space, community gardens, and neighborhood retail.
Phase two of Sendero Verde will include 347 units of affordable housing serving a variety of income tiers, from formerly homeless to 90 percent of area median income, as well as one superintendent’s unit. Once both phases are completed, Sendero Verde will include a senior and youth community center, school, community art room, and other community amenities, as well as numerous green and open spaces for the East Harlem