{"id":118451,"date":"2026-01-31T17:10:25","date_gmt":"2026-01-31T17:10:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/118451\/"},"modified":"2026-01-31T17:10:25","modified_gmt":"2026-01-31T17:10:25","slug":"developer-closes-on-303m-loan-for-high-rise-at-163-25-archer-avenue-in-jamaica-queens","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/118451\/","title":{"rendered":"Developer closes on $303M loan for high-rise at 163-25 Archer Avenue in Jamaica, Queens"},"content":{"rendered":"<p>A mixed-income residential project is moving forward in <a href=\"https:\/\/nyc.urbanize.city\/neighborhood\/jamaica\" rel=\"nofollow noopener\" target=\"_blank\">Jamaica, Queens<\/a> after <a href=\"https:\/\/www.nychdc.com\/newsroom\/nyc-housing-development-coporation-nyc-department-housing-preservation-and-development-and\" rel=\"nofollow noopener\" target=\"_blank\">the closing of a $303 million construction financing package.<\/a><\/p>\n<p>The Archer Towers II, which will be located at 163-25 Archer Avenue, calls for the construction of a 22-story, approximately 353,000-square-foot building building featuring 400 apartments above 2,164 square feet of ground-floor commercial space and a 67-car garage. The project will include a mix of studio, one-, and two-bedroom units serving households earning between 40 and 110 percent of area median income, including 60 apartments designated for formerly homeless residents.<\/p>\n<p>\u201cAs the city continues to face significant pressure on its housing supply, Archer Towers II represents a major investment in the future of Jamaica and its rapidly growing residential core,\u201d said Andy Cohen of <a href=\"https:\/\/nyc.urbanize.city\/tags\/brp-companies\" rel=\"nofollow noopener\" target=\"_blank\">BRP Companies<\/a>, which is developing the project. \u201cAs our fourth development in the neighborhood, this project reflects our long-term commitment to Jamaica and our belief in its continued momentum, delivering fair, scalable access to quality housing and deepening our role as a partner in the community\u2019s growth.\u201d<\/p>\n<p>According to a news release from the New York City Housing Development Corporation, Archer Towers II will include amenities such as a lounge, a gym, a children\u2019s playroom, and coworking space.<\/p>\n<p>Financing sources for the project include multiple public and private partners. The capital stack includes tax-exempt bonds issued by the New York City Housing Development Corporation, subsidies from the New York City Department of Housing Preservation and Development, and Low-Income Housing Tax Credit equity. Wells Fargo is serving as both the letter of credit provider and the tax credit equity investor.<\/p>\n<p>Construction of Archer Towers II is scheduled to begin in the first quarter of 2026, with completion anticipated in 2028.<\/p>\n<p>The initial Archer Towers development is<a href=\"https:\/\/nyc.urbanize.city\/post\/24-story-high-rise-breaks-ground-jamaica-queens\" rel=\"nofollow noopener\" target=\"_blank\"> a 24-story building located on a nearby site at 163-05 Archer Avenue.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A mixed-income residential project is moving forward in Jamaica, Queens after the closing of a $303 million construction&hellip;\n","protected":false},"author":2,"featured_media":118281,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[9,24,63,122,124,123],"class_list":{"0":"post-118451","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-queens","8":"tag-new-york","9":"tag-new-york-city","10":"tag-nyc","11":"tag-queens","12":"tag-queens-headlines","13":"tag-queens-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/118451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=118451"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/118451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/118281"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=118451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=118451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=118451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}