In 2019, L+M borrowed $12M from Signature Bank to finance the conversion of four rent-regulated units at the building that would split them into 12 apartments.

L+M’s projects are bottom-dollar friendly for other reasons. While typical real estate funding is a combination of debt and equity, lenders may balk at affordable housing.

Earlier this year, L+M also completed the initial phase of Alafia, a 2.2 million-square-foot project in East New York, Brooklyn, that will include 2,400 affordable units for seniors and people with ...