QUEENS, NY⁠—BRPCos.is seeking investors to provide joint venture equity financingfor the construction of a 24-story residential project located inthe Jamaica submarket. 

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The 540,000-square-foot project will have 605 residential units,including 424 market-rate apartments and 181 mixed-income units aswell as 20,000 square feet of amenities.

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The company has tapped JLL Capital Markets' Rob Hinckley, JeffJulien, Andrew Scandalios, Roland Merchant, Stephen Palmese, StevenRutman, Nicco Lupo and Rob Root for the transaction.

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The project is located within an opportunity zone. The 10-yearinvestment horizon means the submarket will have time to furtherdevelop, which will allow for rent appreciation and value captureon reversion, JLL Capital Markets says. It will also be thebeneficiary of a 35-year tax abatement under the Affordable NewYork program.

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The investor will also be able to participate in the secondphase of Archer Towers, which will add 432 units to the overallproject, including 130 additional affordable-housingunits.  Phase two is expected to begin construction in thesummer of 2021.

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"Archer Towers represents the largest shovel-ready residentialrental construction site in New York City," Hinckley says inprepared remarks. "We are excited to discuss this investment withopportunity zone and traditional investors alike.

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He also notes that Archer Tower is deemed 'essential,' andconstruction will begin immediately, even within current marketconditions.

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