Utica Place
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
- Impact
- 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 - Financing
- $11 million New Markets Tax Credits
$3.5 million participation in $9.4 million senior leveraged loan by Goldman Sachs - Partners
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- Goldman Sachs
- L+M Development Partners
- Dudley Ventures
More Information
New Markets Tax Credits
