LISC NY and MURAL Real Estate Partners have finalized a $24.7 million construction loan for two projects on Hillside Avenue between 161st Street and 162nd Street in Jamaica, Queens. The funding, which is the largest in LISC NY’s history, will help to construct more than 230 affordable housing units and approximately 20,000 square feet of retail space in Jamaica.
MURAL Real Estate Partners is a developer with a focus on stimulating economic growth and improving the quality of life for underserved communities through strategic development. While plans for the project’s retail space have not been finalized, MURAL is envisioning the space to feature a grocery store and/or restaurants.
161st Street In Jamaica, looking north-east up Hillside Avenue
The closest subway from the development sites is the F train at the Parsons Boulevard station.
“The loan closing for the MURAL Hillside Avenue project represents a significant step forward in the continued revitalization of Jamaica,” said Queens Borough President Donovan Richards Jr. “The project will help address the serious need for affordable housing and will advance our efforts to support MWBE contracting. Jamaica will be an even better place to live, work, and visit thanks to this important project.”
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
The people in this area may not have much income, it’s a very good choice to create affordable housing units: Thanks.