New renderings of Urban architectural initiatives are the first to reveal Euclid Glenmore Apartments, an eight-story affordable housing property in 437 Euclid Avenue in Eastern New York, Brooklyn. Conceived by The organization of the lantern and Mega Subcontracting Group, which closed $11.5 million in construction financing to complete the project, the building will feature 135 units. A total of 81 units will be reserved for formerly homeless families, and the rest for households with a regional median income (AMI) of 60% or less.
Other elements of the building include an on-site support services center and a community facility providing child care and medical services.
The render shows a modern design with a mix of white and dark gray panels surrounding a grid of perforated windows. Portions of the panels between the windows on the lighter sections of the facade feature yellow accents, adding contrast to the look.
“The market dynamics for affordable housing developers are currently very challenging and structuring these deals requires creativity and the ability to continually restructure deals until they are ready to close,” said Daron Tubian, Managing Director and Head of Affordable Housing Investments at Barings, the institution providing the construction loan. “Barings’ longstanding commitment to working with Lantern and Mega on this development is a key part of how we manage our relationships with partners dedicated to helping communities in New York and across the country.”
The project team has not announced an estimated completion date.
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