Jonathan Rose Companies, L+M Development Partners, and Acacia Network recently closed on a $223 million financing package to complete the second and final phase of Sendero Verde. The complex is located on Madison Avenue between East 111th and East 112th Streets in East Harlem and spans a full city block.
In addition to 709 units of affordable housing, the property will include public gardens and recreational space, a mix of community facilities and social services, a new school, and approximately 30,000 square feet of retail. Phase Two will specifically include 347 affordable housing units reserved for the formerly homeless up to households and individuals at 90 percent of the area median income (AMI).
The project will also be the largest Passive House structure for multifamily use in New York City.
“Sendero Verde’s mix of incomes, passive house design, plaza, gardens, and more than 85,000 square feet of community space serving education, youth, and senior activities and health needs provides a model for the next generation of communities of opportunity,” said Jonathan Rose Companies president Jonathan F.P. Rose. “We are so grateful for the support of our community neighbors and the local community board, our partners, and the city agencies that made this project possible.”
Sendero Verde is designed by Handel Architects, which drew inspiration from a historic trail that once crossed through the project site. Today, the property incorporates three separate volumes that surround a central, meandering path surrounded by landscaped green spaces. The façade incorporates a mix of red brick, bronze-colored cladding, and large glass panels on the lower levels.
Funding for Phase Two was financed by New York City’s Housing Development Corporation and the Department of Housing Preservation and Development, the New York City Council, and a NYSERDA grant. Additional funding includes a letter of credit from Citi Bank, a syndication of federal low-income housing tax credits, solar investment tax credits, and New York State Brownfield Tax Credits to Goldman Sachs.
The project will also have a 60-year regulatory agreement and will benefit from a 40-year tax abatement through the Article XI.
Phase Two is expected to break ground in the next few weeks and will be completed by 2024.