May 18, 2020
JLL Capital Markets was selected by BRP Companies to arrange joint venture equity financing for the construction of the $286-million Archer Towers project. The residential development is located at 163-05 Archer Ave. in the rapidly-evolving Jamaica submarket of Queens.
Phase 1 of Archer Towers, located in an Opportunity Zone, will offer 605 residential units, including 424 market-rate apartments. It’s expected that an investor will also consider participating in the project’s second phase. This future addition will add 432 units to the overall project.
The JLL Capital Markets team handling the JV equity raise for BRP is led by Rob Hinckley and Jeff Julien, and also includes Andrew Scandalios, Roland Merchant, Stephen Palmese, Steven Rutman, Nicco Lupo and Rob Root.
“Archer Towers represents the largest shovel-ready residential rental construction site in New York City,” said Hinckley. “We are excited to discuss this investment with Opportunity Zone and traditional investors alike.”
For comments, questions or concerns, please contact Paul Bubny