Gotham Organization and Monadnock Development secured a $315 million loan for the next phase of their East New York project at 12020 Flatlands Avenue. The funding will support 453 affordable rental units, plus community and retail space. Financing includes $151 million in tax credit equity from Red Stone Equity Partners and $260 million from city agencies. The development, called Innovative Urban Village, will eventually feature 1,975 affordable units, retail, park space, and a performing arts center. This project is one of the largest affordable housing efforts in East New York, a neighborhood rezoned for growth in 2016.
Gotham Organization and Monadnock Development
