Utica Place

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L+M Development Partners (L+M), a premier mixed-use developer in New York City, is using a $20 million New Markets Tax Credit (NMTC) transaction to construct a transit-oriented, four-story commercial and community building with an early education center and retail space in the distressed Crown Heights neighborhood of Brooklyn. LIIF provided L+M with an allocation of NMTCs and participated in a leveraged loan led by Goldman Sachs Urban Investment Group for the deal. The new 7,000-square-foot community space will enable St. Matthew’s Church, a long-standing community advocate, to relocate their well-respected community services, including academic mentoring, after-school youth activities and child care, from a older facility that had fallen into disrepair. Dudley Ventures also provided an allocation of NTMCs for the project.

Project Details

75 childcare spaces created
14,000 square feet of new commercial retail space
7,000 square feet of new community facility space
89 permanent jobs created
$11 million New Markets Tax Credits
$3.5 million participation in $9.4 million senior leveraged loan by Goldman Sachs
  • Goldman Sachs
  • L+M Development Partners
  • Dudley Ventures

More Information
New Markets Tax Credits