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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
