Capital One Backs $214M Affordable Housing Development in Queens

• Capital One is supporting the development of Edgemere Commons B2 at 332 Beach 52nd Street, Far Rockaway, NY, through a $96.2 million letter of credit tied to a larger financing package.
• The project will deliver 300 affordable housing units, including supportive housing for formerly homeless individuals.
• Total development financing reached $214 million, helping advance the next phase of the broader Edgemere Commons redevelopment initiative.

Financing Supports Affordable Housing Growth

A major affordable housing development in Far Rockaway has secured the financing needed to move forward. Capital One provided a $96.2 million letter of credit that supports construction financing arranged through the New York City Housing Development Corporation. The commitment is part of a larger $214 million capital stack assembled for the development of Edgemere Commons B2, a 100% affordable housing project led by Tishman Speyer's affordable housing platform, TS Communities. The financing package also includes tax-exempt bonds, subsidy loans, and low-income housing tax credit investments that help make large-scale affordable housing projects financially feasible.

Delivering Much-Needed Housing

Located at 332 Beach 52nd Street, the 17-story building will include 300 apartments ranging from studio units to three-bedroom layouts. The majority of the residences will be reserved for households earning between 30% and 80% of the area's median income, while 45 units will be dedicated to supportive housing for formerly homeless individuals. The project is designed to address a critical need for affordable housing options in New York City while creating opportunities for long-term residential stability in Far Rockaway.

Expanding the Edgemere Commons Vision

The development represents another phase of the larger Edgemere Commons master plan, an ongoing effort to transform a significant portion of the Far Rockaway waterfront. In addition to residential units, the building will include approximately 6,000 square feet of ground-floor retail space, contributing to neighborhood services and economic activity. The project reflects the growing role of public-private partnerships in delivering housing solutions and community-focused development in underserved areas.

Long-Term Investment in Community Development

With completion expected in late 2028, Edgemere Commons B2 illustrates how government agencies, financial institutions, and private developers are collaborating to address housing affordability challenges. The financing package not only supports new residential construction but also reinforces broader community development goals through mixed-use design, supportive services, and long-term affordability commitments. As cities continue to face housing shortages, projects like Edgemere Commons highlight the scale of investment required to create meaningful housing opportunities for future residents.