Key financing has been secured for a development that will bring 55 affordable and workforce apartments to Glen Cove, New York.

The 55-unit Garvies Point by Georgica Green Ventures is part of a comprehensive waterfront revitalization master plan led by RXR Realty. "We are excited to continue our development strategy to include an important piece in our master plan here at Garvies Point in Glen Cove, New York, which is workforce housing. A once blighted area is now finally coming to light," said Joe Graziose, executive vice president, residential development and construction, at RXR Realty.
Courtesy of Georgica Green Ventures The 55-unit Garvies Point by Georgica Green Ventures is part of a comprehensive waterfront revitalization master plan led by RXR Realty. "We are excited to continue our development strategy to include an important piece in our master plan here at Garvies Point in Glen Cove, New York, which is workforce housing. A once blighted area is now finally coming to light," said Joe Graziose, executive vice president, residential development and construction, at RXR Realty.

Barings, a leading investment manager, reported that it will provide $8.4 million in permanent financing for Garvies Point, which is being developed by Long Island-based Georgica Green Ventures (GGV) as part of a comprehensive transit-oriented waterfront master plan led by RXR Realty. For the transaction, Barings is utilizing a balance-sheet loan.

Garvies Point is part of an overall project that will transform a 56-acre site into a vibrant mixed-use residential community including 75,000 square feet of commercial and retail space.

"We are thrilled to work with GGV and RXR on this project and provide long-term financing for the development," said Daron Tubian, managing director and head of affordable housing investments at Barings. "Barings' commitment to affordable housing is a critical component of our global real estate platform and ESG activities. Supporting projects like Garvies Point that bring much-needed housing to high-barrier markets and help build sustainable communities is part of what we have been doing for over 25 years."

Upon completion, the development will have two four-story buildings with a mix of studio, one-, two-, and three-bedroom apartments with 91 parking spaces, available to prospective tenants with incomes ranging from 30% to 100% of the area median income. The master plan includes an amphitheater, a museum, retail stores, and restaurants, and over 28 acres will be walkable public space with running/biking paths, multiple parks, playgrounds, a dog park, a boat launch, a preserve, and access to the Glen Cove Ferry.

"Affordable, quality housing is desperately needed throughout Long Island and has a place in all communities. It's exciting and satisfying to bring this project to the vibrant city of Glen Cove, as part of an ambitious revitalization of the waterfront. GGV believes that affordable housing options, like this one, build a strong community," said Matthew Ardito, vice president of GGV. "We hope that GGV's Garvies Point development can serve as a model to other cities, towns, and villages, demonstrating that living well on Long Island is a reachable goal for everyone."

Consistent with Barings' commitment to sustainability, the Garvies Point project is designed to meet or exceed LEED Silver certification.