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 both public and private sources, including a construction loan from Bank of America, tax credit equity from Merchants Capital Investment LLC, subsidies from the New York State Housing Finance Agency’s New Construction Program and Community Investment Fund, as well as a permanent loan from Merchants Capital Corp.
The next phase of this project will consist of two 14-story buildings featuring 634 affordable housing units (including supportive housing) and approximately 22,000 square feet of retail and community facility space. It is expected to be completed by fall 2027 with L+M Development Partners LLC and Apex Building Group serving as co-developers.
CEO Kieran Harrington expressed excitement about reaching this milestone: “With today’s closing on phase two financing, RiseBoro is one step closer to our goal of providing not just affordable housing but also homes for New Yorkers. We are grateful for our partners’ support in bringing this project to fruition.”
