BRP Cos. Secures $378M Construction Loan for Queens Development
Basis Investment Group has joined as a partner on the 715,000-square-foot project.
BRP Cos. has brought in Basis Investment Group as a partner for its 715,000-square-foot housing development located in Queen’s Jamaica neighborhood. The company has secured $378 million in construction financing for 90Ninety, part of which was provided by Basis Investment Group’s Funds Platforms.
The developer already started construction on the mixed-use development in mid-May and is expecting to complete the project in fall 2025. BRP Cos. tapped Skycore Builders Inc. as the project’s general contractor, while Perkins Eastman is the architect.
Located at 166-20 90th Ave. in Queens, N.Y., the 614-unit community is expected to offer studio, one- and two-bedroom floorplans that range from 425 to 880 square feet. According to BRP Cos., 185 of those units will be affordable, reserved for those making 80 to 130 percent of the area’s median income.
The community’s amenities will include a rooftop lounge, fitness center, resident lounge, outdoor courtyard, half basketball court, children’s playroom, attended lobby, co-working spaces, green spaces, pet facilities and 284 below-grade parking spaces. The developer is also planning to incorporate 25,000 square feet of retail space and 5,000 square feet of community facility space on the ground floor. BRP Cos. is also looking to implement some sustainable design features, including co-generation power and gray-and-black water recycling, throughout the community.
A GROWING PRESENCE
Beyond 90Ninety, BRP Cos. has developed an active portfolio valued at $4.7 billion that includes 3,400 completed units. The portfolio includes The Crossing, a 816,000-square-foot mixed-use project offering 669 rental units, 45,000 square feet of community and retail space, that’s located across from Jamaica Bus Terminal that connects residents to subway and bus options.
BRP Cos. is still growing its presence throughout New York City, particularly in Jamaica, Queens. The company is currently working on the first phase of Archer Towers, a 24-story building that will include 605 units and retail, and will also be located near Jamaica Bus Terminal.