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

New York /
Jan.January 08, 2020 08:30 AM
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.

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.


Related Articles

arrow_forward_ios
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
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
The State Building and Construction Trades Council president Robbie Hunter (CA Building Trades, iStock)
California could require union labor on all affordable housing projects
California could require union labor on all affordable housing projects
Renderings of The Eliza Apartments at the Redeveloped Inwood Library (New York Housing Conference)
Inwood affordable housing project moves forward after rezoning fight
Inwood affordable housing project moves forward after rezoning fight
611 St. Johns Place, Brooklyn, NY (Getty)
Workforce Housing Group solar deal will also pay for broadband
Workforce Housing Group solar deal will also pay for broadband
322 Grand Concourse in the Bronx and Martin Nussbaum of Slate Property Group and Scale Lending (Google Maps, Slate)
Bronx multifamily development gets $63M loan
Bronx multifamily development gets $63M loan
Council member Rafael Salamanca Jr and Public Advocate Jumaane Williams (Getty, Facebook via Salamanca Jr.)
City Council to require racial equity reports for rezonings
City Council to require racial equity reports for rezonings
46-81 Metropolitan Avenue in Maspeth, Queens and Prologis CEO Hamid Moghadam (Google Maps, Prologis)
Prologis nabs majority stake in Queens industrial site
Prologis nabs majority stake in Queens industrial site
arrow_forward_ios

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

Loading...