LIIF’s Investment Creates Affordable Senior Housing and Community Space in New York
LIIF supported Delancey Street Associates’ with a $6 million construction loan to finance the Essex Crossing development in New York’s Lower East Side. The site also received a $12 million New Markets Tax Credits allocation. Once completed, the mixed-use building will accommodate 100 affordable senior-living apartments, in addition to space designated for nonprofit, community, and medical facility use.
Site 6 is part of the larger 1.9 million-square foot Essex Crossing project, where half of the eventual 1,000 residential units will be designated affordable. The Wall Street Journal, The Real Deal, Commercial Observer and Real Estate Weekly detail the financing of the project, and highlight the necessity of Site 6 for the community.
“Site 6 is a significant part of this project because its providing much needed affordable housing,” said Isaac Henderson, project manager at L+M and the director of the Essex Crossing project. “As the population is aging, the need for affordable senior housing is becoming increasingly more important and we are excited that Site 6 is playing a role in that.”