The Beacon
The Beacon will bring 254 new, affordable and supportive housing units to the East Harlem neighborhood in New York City.
The property integrates active design principles through its walking paths and recreational and gardening shared spaces. The amenities will connect to a central atrium, creating an accessible community space for Beacon residents and residents of the nearby New York City Housing Authority Wagner House.
Loan purpose: Predevelopment
Project: Affordable and supportive rental housing
The 254-unit development will provide affordable and supportive housing for residents earning below 70% of the local AMI and chronically homeless individuals. The project will adapt the existing East Harlem Multiservice Center to be resilient against floods, provide enhanced office space for local nonprofit tenants, and feature an educational greenhouse, flexible event space, and a full-sized basketball court for local students.
Borrower: The Community Builders, Inc. (TCB), a nonprofit established in 1964, has developed over 33,000 affordable and mixed-income housing units. Approximately 80% of TCB’s portfolio is family rental apartments, with 20% set aside for seniors or persons with disabilities.
Loan Details: The loan is Partners' fourth loan with Leviticus Fund.