Phipps Houses gets $157.7M construction loan for 354 units in Far Rockaway

Phipps Houses through the entity Frv Phase 3 Lihtc LLC as borrower signed a new construction loan agreement with lender New York City Housing Development Corp. valued at $157.7 million for 13 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 20-02 Mott Avenue, 17-27 Redfern Avenue, 17-25 Redfern Avenue, 17-21 Redfern Avenue, 17-19 Redfern Avenue, and others in Far Rockaway. The deal closed on December 30, 2020 and was recorded on January 21, 2021.

This is for Phase 3 of the larger project in Far Rockaway, and is secured by the leasehold interest in the property and the funds will be used to finance Building D and condo unit 18 with 177 apartments and condo unit 19 with 177 apartments and condo unit 20, which is a garage space.

There have been 3 demolition projects filed over the past five years.

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