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East West Bank Funds $88M Construction Loan for Multifamily, Retail Project in Queens

one-archer-nyc

The property will be located at 160-05 Archer Ave. Pictured is a rendering of the project courtesy of Hill West Architects.

NEW YORK CITY — East West Bank has funded an $88 million construction loan for 1 Archer Avenue Apartments, a 315-unit multifamily and retail project currently under construction in the Jamaica neighborhood of Queens. A partnership between Shorewood Real Estate Group and Bridge Investment Group was the borrower. Located at 160-05 Archer Ave., the 320,000-square-foot building will include a coworking space, game room, fitness center, yoga room and multiple resident lounges. Hill West Architects designed the project. Construction of the project began in late 2019. An expected completion date was not disclosed.

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