Arker scores $137M for East New York affordable housing project

Building is part of massive, multi-building complex

New York /
May.May 31, 2018 02:20 PM

894 Fountain Avenue (Credit: Google Maps)

Arker Companies secured $137 million in financing for part of its massive affordable housing complex in East New York.

The financing package includes tax-exempt bonds issued by the New York State Housing Finance Agency, according to documents filed with the city’s Department of Finance. Bank of America is providing a line of credit for the mortgages.

The affordable housing developer plans to build a 422-unit apartment building at 894 Fountain Avenue. The nine-story project is part of a multi-building development, dubbed the Fountains, that’s expected to have more than 1,500 affordable apartments, as well as commercial space.

Representatives for Arker couldn’t immediately be reached for comment.

Of the apartments in this project, 337 will be set aside for low-income tenants, while 85 will be reserved for middle-income earners (those making at or below 100 percent of the area median income).

Arker filed permit applications for the building in January and for two others in the megadevelopment — 881 Erskine Street and 702 Vandalia Avenue — back in June 2017. The company is also developing the former site of the Peninsula Hospital in Queens, where a 17-building complex is planned.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...