Barings Announces $8.4M Financing For Garvies Point
Jul 20, 2021
Redevelopment of Underutilized Space on Glen Cove, Long Island Waterfront Will Create 55 Affordable & Workforce Apartments
Barings, one of the world’s leading investment managers, announced today that it will provide $8.4M in permanent financing for Garvies Point, an affordable/workforce multifamily housing development in Glen Cove, NY. The project, situated on 1.5 acres and developed by Long Island-based Georgica Green Ventures (“GGV”), is part of a comprehensive transit-oriented waterfront revitalization masterplan lead by RXR Realty that will transform the 56 acre site into a vibrant mixed-use residential community including 75,000 sq. ft. 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 4-story buildings with a mix of studios, 1, 2, and 3 bedroom apartments with 91 parking spaces, available to prospective tenants with incomes ranging from 30% to 100% of Area Median Income (“AMI”). The master plan includes an amphitheater, museum, retail stores, restaurants and over 28 acres will be walkable public space with running/biking paths, multiple parks, playgrounds, a dog park, 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.”
“We are excited to continue our development strategy to include an important piece in our master plan here at Garvies Point in Glen Cove, which is workforce housing. A once blighted area is now finally coming to light,” said Joe Graziose, EVP, Residential Development and Construction at RXR Realty.
Consistent with Barings’ commitment to sustainability, the Garvies Point project is designed to meet/exceed LEED Silver.
Barings is a $382+ 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.
*Assets under management as of June 30, 2021
300 South Tryon Street
Charlotte, NC 28202