$303M Commercial Real Estate Financing Closed for Archer Towers II Affordable Housing Development in Queens

NYC Housing Development Corporation Leads $303M Commercial Real Estate Financing for Queens Development

The NYC Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), Wells Fargo, Wells Fargo Community Investment Holdings, and BRP Companies announced the closing of $303 million in construction financing for Archer Towers II on January 28, 2026. The 22-story, 353,000-square-foot mixed-income housing development at 163-25 Archer Avenue in Downtown Jamaica, Queens will deliver 400 residences upon completion.

The commercial real estate financing package supports a 100% affordable development that will include 60 apartments dedicated to formerly homeless households.

Real Estate Development Advances Jamaica Rezoning Vision

Andy Cohen, Managing Director of BRP Companies, emphasized the project's significance for the neighborhood. "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," Cohen said. "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."

The timing aligns with the Jamaica, Queens rezoning recently approved by the City Council, which unlocks the creation of approximately 12,000 new homes, including 4,000 permanently affordable units. Kim Darga, Deputy Commissioner of Development at the New York City Department of Housing Preservation and Development, noted that 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," Darga said.

Public-Private Partnership Structures Commercial Real Estate Financing

The $303 million construction financing represents a comprehensive public-private partnership involving multiple capital sources.

"Wells Fargo is proud to support the next phase of Archer Towers," 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."

Eric Enderlin, NYC HDC President, highlighted the project's impact on housing accessibility. "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," Enderlin said. "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."

BRP Companies Expands Jamaica Portfolio

Archer Towers II marks BRP Companies' fourth real estate development in Jamaica, demonstrating the developer's sustained commitment to the area's residential growth.

Upon completion, the development will deliver state-of-the-art amenities to meet the growing needs of the burgeoning Downtown Jamaica community.

Sources

NYC Housing Development Corporation