Arker scores $137M for East New York affordable housing project
Building is part of massive, multi-building complex
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.