Phoenix Realty Group lands financing for 147-07 94th Ave

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.