Redstone Bank, Goldman Sachs, New York State Provide $217M for Alafia Project

Apex Building Group and L+M Development Partners secured $217 million in construction financing for the third phase of the Alafia Project in East New York, Brooklyn, which will deliver 273 units of affordable housing and public green space, with funding provided by Redstone Bank, Goldman Sachs Urban Investment Group, New York State Energy Research and Development Authority, and New York State Homes and Community Renewal through Low-Income Housing Tax Credits and tax-exempt bonds. The broader Alafia redevelopment project will ultimately transform 27 acres of the former Brooklyn Developmental Center into approximately 2,600 affordable housing units, a 50,000-square-foot community medical facility with senior health services, and over 20,000 square feet of public green space, with Phase 3 expected to complete in 2029.