NYC Housing Development Coporation, NYC Department of Housing Preservation and Development, and BRP Companies Announce Closing of $303 Million Construction Financing for Archer[...]

The New York City Housing Development Corporation (HDC), The New York City Department of Housing Preservation and Development (HPD), Wells Fargo Bank, Wells Fargo Community Investment Holdings, and BRP Companies, today announced the closing of $303 million in construction financing for Archer II, a 22-story, 353,000 square-foot, 400-unit mixed-income housing development located at 163-25 Archer Avenue in Downtown Jamaica, Queens.

"As the city continues to face significant pressure on its housing supply, Archer Towers II represents a major investment in the future of Jamaica and its rapidly growing residential core," said Andy Cohen, Managing Director of BRP Companies. "As our fourth development in the neighborhood, this project reflects our long-term commitment to Jamaica and our belief in its continued momentum, delivering fair, scalable access to quality housing and deepening our role as a partner in the community's growth."

"Wells Fargo is proud to support the next phase of Archer Towers, which will bring much-needed affordable homes and meaningful community investment to Downtown Jamaica," said Gregory Richards, Managing Director at Wells Fargo. "It's a clear example of how public-private collaboration can accelerate affordable housing and deliver lasting value to communities."

"Archer Towers II will deliver 400 new affordable homes to New Yorkers from a wide range of incomes, including 60 apartments dedicated to formerly homeless households," said NYC HDC President Eric Enderlin. "HDC is proud to partner on the financing of this development and thanks all our partners for their commitment to bringing more affordable housing and economic opportunities to the Downtown Jamaica neighborhood."

"With the Jamaica, Queens rezoning recently approved by the City Council, unlocking the creation of approximately 12,000 new homes, including 4,000 permanently affordable units, projects like The Archer II are critical to turning that vision into reality. By delivering 400 affordable homes for families at a range of income levels, The Archer II helps kickstart this next chapter of growth in Jamaica and ensures that new development includes housing that New Yorkers at a range of incomes can afford," said Kim Darga, Deputy Commissioner of Development at the New York City Department of Housing Preservation and Development. "We look forward to continuing this partnership with BRP Companies as we advance deeply-affordable, community-centered housing across the neighborhood."

Funding for Phase II is supported through a comprehensive financing package that reflects strong public and private sector commitment to advancing affordable housing in New York City. The capital stack includes tax exempt bonds issued by the New York City Housing Development Corporation (HDC), a subsidy from the New York City Department of Housing Preservation and Development (HPD), and Low-Income Housing Tax Credit equity. Wells Fargo is serving as both the letter of credit provider and the investor for the tax credit equity, enabling the project to move into full construction. This coordinated financing ensures the long-term viability of the development and underscores the collaborative investment needed to deliver high quality, deeply affordable housing at scale.

Archer Towers II will deliver 400 mixed-income residences, a range of studio, one-bedroom, and two-bedroom units for those earning between 40% and 110% of Area Median Income (AMI). 60 of the residences are designated as OurSpace units for formerly homeless households with light touch services. Resident amenity spaces to include a resident lounge, children's playroom, gym, and coworking space. In addition to the residential portion, the building will feature a 2,164-square-foot commercial space and 67 on-site residential parking spaces.

Archer Towers II marks BRP Companies' fourth major development in Jamaica, building on the company's continued investment in the neighborhood. Previous projects include The Crossing at Jamaica Station, a 669-unit mixed-income residential development at 148-10 and 147-40 Archer Avenue; Ruby Square, a 614-unit mixed-income, mixed-use building at 166-20 90th Avenue; and The Monarch, a 605-unit mixed-income, mixed-use building at 163-05 Archer Avenue.

Construction of Archer Towers II is scheduled to begin in Q1 2026, with completion anticipated in 2028.