Rendering of the planned Atlantic Chestnut development at 250 Euclid Avenue. (Image: Dattner Architects)
A nonprofit developer has secured financing for an affordable housing project in East New York that will be the largest development in the neighborhood since it was rezoned in 2016.
Phipps Houses announced on June 28 that it has closed on $217 million in construction financing for “Atlantic Chestnut 1,” a development at 250 Euclid Avenue that will range from eight to 14 stories and include 403 below-market rate apartments. The developer says it plans to start construction on Atlantic Chestnut 1 in early July, and finish by fall 2023.