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New York

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)
147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty Group and Artimus Construction landed nearly $181 million in construction financing for a mixed-use, affordable housing development in Jamaica.

The financing covers the partners’ 25-story project at 147-07 94th Avenue, according to public records recorded with the city Monday.

The city’s Housing Development Corporation provided $124.8 million, of which about $50.2 million stemmed from a participation loan with JP Morgan Chase Bank, according to an HDC spokesperson. The city’s Housing Preservation and Development department loaned $56 million, the spokesperson added.

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Artimus and Chase did not immediately return requests for comment. Phoenix declined to comment.

The project, which will span more than 544,300 square feet, will provide 135 market-rate units. The rest will be affordable. It also will have parking and commercial space.

Phoenix and Artimus scooped up the ground lease for the site in 2016 for $34 million. The partners’ plan for the 543-unit development ranked among the biggest projects filed in New York in 2018.

The project is not far from another affordable housing complex underway. Omni New York broke ground on its 23-story development at 92-23 168th Street in 2018.

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Affordable HousingFinancingHpdQueens