RiseBoro Community Partnership has successfully secured $412.4 million in financing for the second phase of Alafia, a mixed-use development focused on promoting wellness in East New York. The project has received funding from various sources, including a construction loan from Bank of America, tax credit equity from Merchants Capital Investment LLC, and subsidies from the New York State Housing Finance Agency’s New Construction Program and Community Investment Fund. A permanent loan was also obtained through Merchants Capital Corp.
The next phase of this project will consist of two 14-story buildings with a total of 634 affordable housing units (including supportive housing) and approximately 22,000 square feet dedicated to retail and community facilities. Completion is expected by fall 2027 with L+M Development Partners LLC and Apex Building Group serving as co-developers.
According to RiseBoro CEO Kieran Harrington: “With the closing on phase two today, we are one step closer to our goal of providing not just affordable housing but homes for residents in New York City. We are grateful for our partners’ support as we work towards completing this important project.”
