Tishman Speyer has received $214 million in financing, which features a mix of subsidy loans and tax-free bonds to support the construction of a fully affordable housing project located in Far Rockaway, Queens.
Part of the deal includes Capital One providing a $91 million letter of credit, serving as a backstop for a loan issued by the New York City Department of Housing Preservation and Development, according to a report from the Commercial Observer. Additionally, the financial institution is teaming up with Hudson Housing Capital to buy low-income tax credits to support the project known as Edgemere Commons B2.
Edgemere Commons B2 marks the fourth building of the fully planned site that will feature over 2,000 affordable apartments. B2 will have 300 of them, ranging from studios to three bedrooms. Of those, 255 will be restricted to those making between 30 and 80 percent of the area median income, with the rest set aside for formerly homeless individuals, which Breaking Ground will manage. The 17-story building will also consist of 6,000 square feet of ground-floor retail.
Arker Companies and Slate Property Group opened the first building in the full development in 2024. Tishman Speyer's B2 is set to finish by the end of 2028.
During the first quarter, New York City rents rose by 6.2 percent year-over-year to $3,616, according to first-quarter data from Realtor. Queen's growth was on the lower end of the four boroughs tracked, seeing just a 3.3 percent gain.
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