June 23, 2020
A partnership of Shorewood Real Estate Group and Bridge Investment Group closed on an $88-million loan to finance the construction of 1 Archer Avenue Apartments in Jamaica, Queens.
The construction facility was provided by East West Bank and a syndicate of lenders to construct the first development financed with Opportunity Zone capital from Bridge and Shorewood.
The Archer Avenue site is within a Qualified Opportunity Zone. The full site, located at 160-05 Archer Ave., will be a 320,000-square-foot mixed-use development with 315 residential units and ground-floor retail.
According to Shorewood CEO S. Lawrence Davis, the affordability component was a critical consideration to the overall project.
“We are committed to quality development that serves our investors, and also the communities in which we build,” said Davis. “Jamaica, Queens has a rich history and unique character and our project is being developed to enhance the neighborhood.”
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Tags: Apartments & Multifamily, Development, Financing, Opportunity Zones
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