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

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. 

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