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TS Communities Secures $166M Financing for Queens Affordable
Tishman Speyer’s affordable housing platform, TS Communities, has secured financing and will begin construction in April on its second apartment building at Edgemere Commons in Queens. The building, Edgemere Commons A2, will complete the first full block of the 100% affordable residential neighborhood Tishman Speyer is developing in partnership with New York City and State’s leading housing agencies and the local Far Rockaway community.
The $166 million in total financing for Edgemere Commons A2 is being led by New York State Homes and Community Renewal (HCR). Citi Community Capital will provide the letter of credit, while Hudson Housing Capital will secure an equity investment from the purchase of low-income housing tax credits.
Located at 337 Beach 52nd St., the 18-story building will feature 244 apartments ranging in size from studios to three-bedroom, all of which will be affordable for households earning between 40% and 80% of the area median income.
- ◦Development
- ◦Financing
