BRP Cos. Seeks JV Equity Financing for Queens OZ Project
Archer Towers is the largest shovel-ready residential rental construction site in New York City, according to JLL’s Rob Hinckley.
QUEENS, NY—BRP Cos.is seeking investors to provide joint venture equity financing for the construction of a 24-story residential project located in the Jamaica submarket.
The 540,000-square-foot project will have 605 residential units, including 424 market-rate apartments and 181 mixed-income units as well as 20,000 square feet of amenities.
The company has tapped JLL Capital Markets’ Rob Hinckley, Jeff Julien, Andrew Scandalios, Roland Merchant, Stephen Palmese, Steven Rutman, Nicco Lupo and Rob Root for the transaction.
The project is located within an opportunity zone. The 10-year investment horizon means the submarket will have time to further develop, which will allow for rent appreciation and value capture on reversion, JLL Capital Markets says. It will also be the beneficiary of a 35-year tax abatement under the Affordable New York program.
The investor will also be able to participate in the second phase of Archer Towers, which will add 432 units to the overall project, including 130 additional affordable-housing units. Phase two is expected to begin construction in the summer of 2021.
“Archer Towers represents the largest shovel-ready residential rental construction site in New York City,” Hinckley says in prepared remarks. “We are excited to discuss this investment with opportunity zone and traditional investors alike.
He also notes that Archer Tower is deemed ‘essential,’ and construction will begin immediately, even within current market conditions.