East Flatbush Resi Conversion Project Lands $256M 

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  5. East Flatbush Resi Conversion Project Lands $256M 

Monadnock Development, CB Emmanuel Realty, and Equity Developers secured $256 million in financing to create Utica Crescent, a project converting a parking lot into affordable housing and community spaces in East Flatbush, Brooklyn.  

New York State Housing Finance Agency provided $122 million in tax-exempt bonds, backed by JPMorgan Chase during construction, and $106 million in low-income tax credits from Hudson Housing Capital. The complex comprises two towers with 322 affordable homes, including 89 units for elderly residents under the Empire State Supportive Housing Initiative.  

The development features commercial areas, a healthcare center by One Brooklyn Health System, space for the 67th Precinct Community Clergy Council, and a community facility managed by Catholic Charities. Residents will enjoy amenities including recreation facilities to smart building technology.