Shorewood Real Estate Group has inked a new mortgage on its Opportunity Zone project in Jamaica, Queens, after closing on an $88 million construction loan.
The loan will finance a 320,000-square-foot, mixed-use development at 160-05 Archer Avenue.
Shorewood acquired two vacant lots for the development in 2018 for about $19 million at an auction.
The property is Shorewood’s first project in an Opportunity Zone, a federal program that awards tax benefits to investors in low-income communities. The plan is for 30 percent of the 315 apartments to be affordable.
“We are committed to quality development that serves our investors and also the communities in which we build,” CEO S. Lawrence Davis said in a press release. “Jamaica, Queens has a rich history and unique character and our project is being developed to enhance the neighborhood.”
Shorewood broke ground in October on the 23-story building, which will have ground-floor retail and below-grade parking.
Contact Sasha Jones at [email protected]