BRP Companies has selected JLL Capital Markets to arrange joint venture equity financing for the construction of the $286-million Archer Towers project.
The residential development is in Queens at 163-05 Archer Ave.
“Archer Towers represents the largest shovel-ready residential rental construction site in New York City,” said BRP’s Rob Hinckley. “We are excited to discuss this investment with Opportunity Zone and traditional investors alike.”
The development’s first phase will have 605 units, including 424 market-rate apartments, in an Opportunity Zone. There could be a second phase, with an additional 432 units.
New York YIMBY reports that BRP acquired the plot for $55 million from developer Chris Jiashu Xu in 2017. Then, there was an eight-story parking garage with a single-story commercial building with commercial tenants and a supermarket on the 90,000 sq. ft. site
BRP has demolished the structures and, according to NYYIMBY, “intends to kick off construction when the joint venture equity financing has been finalized and debt financing has been secured by an unnamed capital partner.”