L+M Development Partners, Inc., not only focused on creating its own affordable housing developments in 2010, but also reached out to others to help them get their projects off the ground.
The New York-based owner and developer formed several joint ventures with owners who were unable to secure financing on about five developments.
“We're a developer with a long track record and solid history. We were able to partner with some nonprofits and for-profits that didn't have the financial heft to close transactions in this difficult time," says Lisa Gomez, executive vice president of development.
Another offshoot of L+M's strong partner approach, Gomez says, is the launch of its New York Affordable Housing Preservation Fund, LLC, with Citibank. The fund provides debt and equity financing for New York-area owners who want to acquire and rehab properties through various preservation initiatives. It has already closed several transactions that include more than 300 units.
While L+M will continue to have a strong focus on its core New York area, it also is looking at expansion plans. The firm just finished its first 100 units on the former Lafitte development in New Orleans with Enterprise Community Partners and Providence Community Housing.
And Gomez says the firm is exploring bringing its urban infill, mixed-income approach to places that have a demand and support for affordable housing, such as the West Coast.