Shorewood gets $89M construction loan from East West Bank for mixed-use project in Jamaica

Shorewood Real Estate Group through the entity Archer 1 LLC as borrower signed a loan agreement with lender East West Bank valued at $89.1 million for 1 parcel, including the tax class licensed parking lot (G6) at 160-05 Archer Avenue in Jamaica. The deal closed on June 1, 2020 and was recorded on June 25, 2020.

Shorewood is constructing a 315-unit, mixed-use building at the site. S. Lawrence Davis, president and CEO of Shorewood, was the signatory. The financing was composed of a $77 million building loan and a $12.2 million project loan. The last time the property sold was August 21, 2018, for $19,008,113.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 326,528 square feet. Those plans include a total of 315 residential or hotel units.
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