The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
Permits have been filed for a three-story residential building at 22-78 Mott Avenue in Far Rockaway, Queens. Located between Gipson Street and McBride Street, the lot is near the Far Rockaway – Mott Avenue subway station, serviced by the A train. Oran Revivo under the 2278 Mott Avenue LLC is listed as the owner behind the applications.
L+M Development Partners, Triangle Equities, and The Bluestone Organization have closed on a $95.7 million loan to complete Beach Dunes III, a mixed-use affordable housing property on the border of Edgemere and Far Rockaway in Queens. Located at 331 Beach 35th Street, the building will include 146 mixed-income apartments, 2,100 square feet of commercial space, and a 1,160-square-foot community center.
Elected officials and developers recently gathered to celebrate the commencement of construction at 13-12 Beach Channel Drive in Far Rockaway, Queens. Designed by Urban Architecture Initiatives and developed by BRC and Camber Property Group, the eight-story property will include a mix of 147 deeply affordable units, 100 shelter units with supportive services, tenant amenities, and a community facility.
Permits have been filed for a nine-story residential building at 4-44 Beach 67th Street in Far Rockaway, Queens. Located between Beach Channel Drive and Thursby Avenue, the lot is near the Beach 67th Street subway station, serviced by the A train. Ericka Keller-Wala of Brisa Builders Corp. is listed as the owner behind the applications.
