BRP Development add $13M in debt from NYC HDC for new construction in Jamaica

BRP Development through the entity BRP Jamsta Two TC Owner LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $13.3 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 130 residential units at 148-10 Archer Avenue in Jamaica. The deal closed on December 19, 2019 and was recorded on January 3, 2020.
The property contains a total of 142,533 square feet of built space.
The average loan per unit is $102,633.
This supplemental construction debt is on top of $64.4 million recorded in early 2017 for this building, which is part of the larger Crossing at Jamaica Station development. BRP, an affordable housing developer, was founded by Geoff Flournoy and Meredith Marshall.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 142,533 square feet. Those plans include a total of 130 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link