Jonathan Rose Cos Joint Venture. Provided a loan of $ 223 million for the second phase of the Harlem project

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Sendero Verde. Image courtesy of Volley Studio

The trio of partners behind the fully affordable housing estate in Manhattan’s East Harlem area secured $ 223 million in funding for its second and final phase.

Jonathan Rose Kos., L + M Development Partners and Acacia Network received funding from New York City Housing Development Corp., NYC Department of Housing Conservation and Development, Resolution A funding from NYC Council and Grant funding from NYSERDA. The project also received Letter of Credit funding from Citibank and syndication of federal low-income housing tax credits and solar energy investment tax credits, as well as Brownfield New York tax credits for Goldman Sachs.

The funding will allow the developers to begin construction of a residential complex of 348 apartments, which will be the second phase of Sendero Verde. The 34-story building will include a superintendent’s block and 347 fully affordable apartments, which will be limited to several levels of clearance, ranging from the previously homeless to those under 90 percent of the AMI. The second phase will also be built with a common room, gym, computer room, outdoor terrace, free Wi-Fi and package lockers.

CONSTRUCTION STANDARDS

The second phase is expected to begin in the coming weeks with an expected completion in 2024. Upon completion, the second community will join the first phase of Sendero Verde, a community of 361 apartments, which was completed in November 2020. the project also received $ 223 million when financing construction from similar sources in July 2019.

The first phase of Sendero Verde included a two-building community that offered 360 fully accessible apartments along with one superintendent’s block. For the first project, the developers partnered with the non-profit organization Civic Builders Inc. to build a school for children in Harlem, and with the Union Settlement Association for the community services area. The first settlement was also built with an 18,000 square foot public courtyard that includes a social stage, children’s play area, outdoor exercise equipment and recreation areas.

According to the developers, Sendero Verde is expected to become the largest multi-unit residential development in the United States, which, when completed, will meet passive house standards. Certification requires a 30 to 70 percent reduction in the building’s energy consumption compared to conventional construction. To achieve the passive house standard, the developers used several methods, including airtight construction, increased insulation, triple-glazed windows, energy recovery from mechanical ventilation, and individually heated and cooled units. Sendero Verde will also receive Enterprise Green Communities certification, which requires green building practice.

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