CHARLOTTE, N.C., Oct. 24,
2022 /PRNewswire/ -- Barings, one of the world's
leading investment managers, announced today that it will provide
$11.5 million in permanent financing
for Euclid Glenmore Apartments, an affordable multifamily housing
development in the East New York
section of Brooklyn. The project
is being developed by the Lantern Organization and Mega Contracting
Group.
Upon completion, the eight-story building will provide 135
housing units to tenants at or below 60% average median income
(AMI). 81 of those units will be set aside for formerly homeless
families or individuals. There will also be a dedicated supportive
services office on the premise and a community center that will
provide childcare and medical services.
"It's great to see this housing development begin construction.
Market dynamics for affordable housing developers are currently
very challenging and structuring these transactions requires
creativity and the ability to continuously restructure deals until
they are ready to close," said Daron Tubian, Managing Director and
Head of Affordable Housing Investments at Barings. "Barings'
long-lasting commitment to work with Lantern and Mega on this
development is a key element of how we manage our relationships
with partners dedicated to helping communities in New York City and across the country."
"New York City urgently needs
to increase production of housing for all, especially affordable
and permanent supportive housing. Euclid Glenmore combines
low-income, senior, and supportive housing, to respond to the
diverse housing needs of New York
communities," said Dan Kent,
President/CfEO of Lantern Organization. "We are thrilled to have
started construction on this project, which is made possible by our
partners Mega, Barings, Richman Group, and the New York City
Department of Housing Preservation and Development."
"We are thrilled to be celebrating this milestone alongside
Lantern Community Services, Barings, Richman Group, and the New
York City Department of Housing Preservation and Development as we
move one step closer to delivering Euclid Glenmore Apartments to
the East New York community," said
Hercules Argyriou, of Mega Contracting Group. "We believe Euclid
Glenmore will have a tremendous, positive impact on East New York by delivering low-income, senior
and supportive housing, and look forward to the project's
completion."
"Richman Housing Resources is proud to have partnered with
Lantern Organization, Inc. and Mega, as well as our financing
partners at HPD, Bank of America, and Barings to create 135
low-income housing units," said Kevin
Hoffman, President of Richman Housing Resources. "The 437
Euclid Avenue development showcases positive community impact
forged by public-private partnerships and will serve as a
foundation for an at-risk population by providing permanent
housing, beautiful amenities, and on-site social services for its
tenants."
About Barings Real Estate
Barings Real Estate (BRE) is a part of Barings and offers a
broad range of global investment opportunities across the private
debt and equity investment markets. BRE invests in all major
property sectors and offers an expansive range of financing
solutions to real estate borrowers. Follow us on LinkedIn at
linkedin.com/showcase/barings-alternative-investments.
About Barings
Barings is a $338+ billion* global investment manager sourcing
differentiated opportunities and building long-term portfolios
across public and private fixed income, real estate, and specialist
equity markets. With investment professionals based in North America, Europe and Asia
Pacific, the firm, a subsidiary of MassMutual, aims to serve
its clients, communities and employees, and is committed to
sustainable practices and responsible investment.
*As of September 30, 2022
Contact
Barings Media Relations, MediaRelations@Barings.com
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SOURCE Barings