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Project: Beach Green Dunes III (331 Beach 35th Street)

L+M Development Partners, Triangle Equities, and The Bluestone Organization have closed on a $95.7 million loan to complete Beach Dunes III, a mixed-use affordable housing property on the border of Edgemere and Far Rockaway in Queens. Located at 331 Beach 35th Street, the building will include 146 mixed-income apartments, 2,100 square feet of commercial space, and a 1,160-square-foot community center.

The mix of units will range from studios to three-bedroom apartments. Eligible residents include very low- to moderate-income households earning between 30 and 80 percent of the area median income (AMI) and formerly homeless individuals. A portion of the studio and one-bedroom units will also be reserved for low-income seniors over the age of 62.

The development will also create a new transit plaza offering pedestrian access from the building to the Beach 36th Street-Edgemere A Train subway station.

Financing was provided through tax-exempt bonds, subsidy loans from the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation, funding from Queens borough president Donovan Richards and the New York City Council, along with low-income housing credits and energy tax credits.

Construction is on track to break ground in a few weeks and the building is expected to debut by the end of 2024.

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NYY