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

Building is part of massive, multi-building complex

894 Fountain Avenue (Credit: Google Maps)
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.

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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.