Phoenix Realty Group lands financing for 147-07 94th Ave
By
New York / Staff
Published on
Development site at 147-07 94th Avenue (Credit: Google Maps)
Phoenix Realty Group and Artimus Construction have secured nearly $181 million from the city’s HDC + HPD + JP Morgan in construction financing for its affordable housing development at 147-07 94th Avenue in Jamaica, according to TRD citing public records.
Dig Deeper: The 25-story project will span more than 544,300 square feet, and feature 543 apartments, of which 408 will be affordable. It also will also feature 114 parking spaces and commercial space.
Financing details: The city’s Housing Development Corporation (HDC) provided $124.8 million, of which about $50.2 million stemmed from a participation loan with JP Morgan Chase. The city’s Housing Preservation and Development (HPD) department loaned $56 million.