BRP Cos. Closes on $303M Construction Financing for NYC Affordable Project
A portion of the units will be designated for the formerly homeless.
BRP Cos. has secured $303 million in construction financing to develop Archer II, a fully affordable 22-story, 353,000-square-foot, 400-unit mixed-income housing development located in downtown Jamaica, Queens, N.Y. It will be BRP’s fourth project in the submarket and the second phase of Archer Towers, a 1,000-unit mixed-use community.
A combination of public and private sources are providing the financing. The capital stack includes tax-exempt bonds issued by the New York City Housing Development Corp., a subsidy from the New York City Department of Housing Preservation and Development and Low-Income Housing Tax Credit equity. Wells Fargo, through Wells Fargo Bank and Wells Fargo Community Investment Holdings, is serving as both the letter of credit provider and the investor for the tax credit equity.
Construction of Archer II, taking place at 163-25 Archer Ave., is scheduled to begin this quarter. The property is expected for completion in 2028.
Inside Archer II
Archer II will have a mix of studio, one- and two-bedroom units for those earning between 40 percent and 110 percent of the area median income. Sixty of the apartments will be designated as OurSpace units, intended to provide housing for the formerly homeless. Those units will include light-touch services.
Community amenities will include a resident lounge, a children’s playroom, a gym and coworking spaces. The property will also have 2,164 square feet of commercial space and 67 on-site residential parking spots.
BRP’s growing presence in Jamaica
Andy Cohen, managing director of New York-based BRP Cos., said in a prepared statement that Archer II reflects the firm’s long-term commitment to Jamaica.
Now known as The Monarch, the first phase of the Archer development dates back to May 2020, when BRP was seeking a joint equity partner for the 605-unit, mixed-income, mixed-use project at 163-05 Archer Ave. At the time, during the height of the COVID-19 crisis, it was the largest shovel-ready residential construction site in New York City. It was also deemed an essential construction development because it was creating mixed income regulated housing.
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The developments are adjacent to Jamaica Avenue’s retail corridor and are also near the Jamaica Avenue/Parsons Avenue subway station, the Sutphin Boulevard-Archer Avenue-JFK subway station and Jamaica’s Long Island Railroad station. The mass transit options provide residents access to employment hubs throughout Queens and offer a 20-minute LIRR ride to Penn Station and Atlantic Terminal in Brooklyn.
BRP’s other completed Jamaica projects include The Crossing at Jamaica Station, a 669-unit mixed-income residential development at 148-10 and 147-40 Archer Ave. as well as Ruby Square, a 614-unit, mixed-income, mixed-use building at 166-20 90th Ave.
More BRP projects
In June of 2025, BRP was part of a public-private joint venture that kicked off construction on the second and final phase of La Central, a mixed-income development in the Bronx, N.Y., set to comprise more than 1,000 units. The $343 million Phase 2 will deliver 420 affordable homes upon completion in 2028. Other JV members were Hudson Cos., ELH-TKC, Breaking Ground, J.P. Morgan, Comunilife and New York City.
In April of that year, BRP Cos. opened The Leaf, formerly known as 500 Main, in New Rochelle, N.Y., just north of New York City. Situated at 12 Church St., the 26-story mixed-use development has 477 residences, approximately 20,000 square feet of common-area amenities and about 3,000 square feet of ground-floor retail and community space.
