The Second Phase of The North End Breaks Ground Tomorrow
Mandel Group will be breaking ground on the second phase of The North End development project tomorrow. In January financing for the project was finalized with the completion of a $54.6 million WHEDA bond sale, and the completion of a direct placement of $7.75 million in tax-exempt bonds by Mandel Group.
The second phase of the project builds upon the strength shown in the consistently high occupancy rates for the first phase of The North End, One. While the first phase of The North End included 83 market rate apartments, the second phase will add 155 apartments, 31 of which will be affordable units per the WHEDA financing agreement, spread across two buildings. Additionally, the project will add new retail space, new streets, a new riverwalk segment, and a new public meeting and entertainment square to the Park East area.
Building(s): Portrait, Silhouette, The North End
Neighborhood(s): Lower East Side, Park East