A $100 million fund for urban mixed-income housing

A $100 million fund that will invest in urban mixed-income housing developments was announced in late April by its two partners — Goldman Sachs Urban Investment Group and L&M Development Partners. The fund, GSLM Capital Partners LLC, expects to place equity investments of $2 million to $20 million in each of the projects it selects. The $100 million will probably be fully invested within three or four years.

“We will focus on the Northeast and California, but we’re really looking for urban infill developments all over,” Larry Florin of GSLM was quoted as saying in Commercial Property News. The fund is looking at workforce housing and community-serving retail in areas such as greater New York (including New Rochelle, New York, and Newark, New Jersey), Philadelphia, Washington, DC, Los Angeles, and San Francisco.

The new fund is an outgrowth of Goldman Sachs’ collaboration with L&M on several urban projects, including the Kalahari, a “green,” mixed-income condominium development that is to open this year on 116th Street in Harlem. GSLM will partner with community-based development groups and businesses whose mission is socially responsible development. u