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Project: 79 Avenue D

L+M Development Partners scored a $52.8 million loan from TD Bank for the construction of its rental project at 79 Avenue D in the East Village.
The loan is backed by the New York State Housing Finance Agency, which issued $52.8 million in tax-exempt and taxable housing revenue bonds purchased by TD Bank, according to a representative from L+M.

The developer is planning a 12-story building that will feature 22 units of permanently affordable housing and 88 market-rate units spread across 88,000 square feet. The 80/20 project also includes nearly 13,300 square feet of retail space across the ground and basement floors. Rite Aid — which was previously housed at the site — has pre-leased the space. The developer paid $12.5 million to the Fried family for the site in 2014.

L+M Development, headed by Ron Moelis, actively develops both affordable and market-rate housing. The company, along with Hornig Capital Partners, has teamed up with SBH Health System to develop 314 units of supportive housing in the Bronx. L+M is also planning a 59-story mixed-use development at 23 Park Row in the Financial District.

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TRD