437 Euclid Avenue
Barings Finances $11.5M of Brooklyn Affordable Project
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/CEO 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.
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