Dealmaker: Barings Provides $12M For Brooklyn Affordable Housing Property

Barings, Charlotte, N.C., provided $11.5 million in permanent financing for Euclid Glenmore Apartments, an affordable multifamily housing development in Brooklyn’s East New York neighborhood.

Lantern Organization and Mega Contracting Group, both in New York, will develop the asset with assistance from Richman Group, New York, and the New York City Department of Housing Preservation and Development.

Upon completion, the eight-story building will provide 135 housing units to tenants at or below 60% average median income. 81 units will be reserved for formerly homeless families or individuals. Euclid Glenmore Apartments will include a dedicated supportive services office and a community center that will provide childcare and medical services.

“Market dynamics for affordable housing developers are currently very challenging and structuring these transactions requires creativity and the ability to continuously restructure deals until they are ready to close,” said Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings.

Lantern Organization President and CEO Dan Kent noted New York City needs to increase production of housing for all, especially affordable and permanent supportive housing. “Euclid Glenmore combines low-income, senior and supportive housing to respond to the diverse housing needs of New York communities,” he said.