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BRP secures $378 million construction loan for apartments in Jamaica

By on July 5, 2022 0

Left to right: Tammy Jones of Basis Investment Group, Meredith Marshall of BRP Companies and a render of 90-02 168th Street (BRP, Basis, iStock)

BRP Companies has opened another apartment complex in Jamaica after securing funding from Tammy Jones’ Basis investment group.

The development company co-founded by Meredith Marshall and Geoff Flournoy has landed $378 million in Basis-led construction financing for a 614-unit residential building at 90-02 168th Street in the Queens neighborhood.

The building, dubbed 90Ninety, will provide workforce housing for the local community, Marshall said in a statement. About a third of the building’s units — studios, one- and two-bedroom apartments — will be set aside as affordable for households earning 80 to 130 percent of the region’s median income.

BRP filed plans for the 12-story, 716,000-square-foot structure in 2020, with Perkins Eastman listed as the official architect. It is expected to be completed in 2025 and will include 25,000 square feet of retail space and 15,000 square feet of amenities. The developer purchased the land, also known as 166-20 90th Avenue, from the Greater Jamaica Development Corporation in 2015.

“As someone who grew up in affordable, labor-intensive housing in South Jamaica, Queens, I couldn’t be more excited and proud to be involved,” Jones said. , co-founder and CEO of Basis, in a statement.

BRP declined to comment further on the funding; Jones was not immediately available for comment.

The building will rise near the Jamaica Long Island Rail Road station, which provides AirTrain service to JFK Airport, as well as a retail corridor on Jamaica Avenue where Jeff Sutton’s Wharton Properties owns five retail properties.

Basis Investment purchased the rental project in 2019 with a $32.4 million loan that refinanced $15 million acquisition debt provided by Turnbridge Real Estate Credit Strategies.

BRP Companies has two other residential projects in the neighborhood: Archer Towers, a 24-story project with 604 units that began last year at 163-05 Archer Avenue, and a 539-unit project completed last year at 147- 40 and 148- 10 Archer Avenue called the passage to Jamaica Station.

In a recent interview with The real dealBRP’s Marshall noted that the development sites are near the Jamaica Center-Parsons/Archer subway station, a location featured in his favorite movie, “Coming to America.”

The New York City Council voted in 2007 to rezone 368 blocks along Jamaica Avenue to stimulate investment in the area.