New renderings from Urban Architectural Initiatives are the first to reveal Euclid Glenmore Apartments, an eight-story affordable housing property at 437 Euclid Avenue in East New York, Brooklyn. Designed by The Lantern Organization and Mega Contracting Group, which closed on $11.5 million in construction financing to complete the project, the building will comprise 135 units. A total of 81 units will be reserved for formerly homeless families, and the remainder for households at or below 60 percent area median income (AMI).
Additional building components include an on-site supportive services center and community facility offering childcare and medical services.
The rendering shows a modern design with a mix of white and dark gray paneling surrounding a grid of punched windows. Portions of the paneling between the windows on the lighter-clad sections of the façade feature yellow accents, adding contrast to the appearance.
“Market dynamics for affordable housing developers are currently very challenging and structuring these transactions requires creativity and the ability to continuously restructure deals until they are ready to close,” said Daron Tubian, managing director and head of affordable housing investments at Barings, the institution that provided the construction loan. “Barings’ long-lasting commitment to work with Lantern and Mega on this development is a key element of how we manage our relationships with partners dedicated to helping communities in New York City and across the country.”
The project team has not announced an estimated date of completion.
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Looks nice enough but like I keep saying this could justifiably be two or three times as tall. This is feet from an express subway station. Hopefully the dreadful third-world looking brick building that faces Pitkin will be replaced in the near future with something significant.
That’s a mosque
Hello,I need 2/3 bed room apartment 437 Euclid Ave ,please let me know what is process.