Tishman Speyer Secures $214 Million Construction Loan For Edgemere Commons In Far Rockaway

The asset involved is a development site located at 332 Beach 52nd Street in Far Rockaway. Tishman Speyer secured a construction loan amounting to $214 million for this location, which is designated for a 300-unit fully affordable housing project.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $214,000,000
• Lender: New York City Housing Development Corporation & Capital One
• Landlord: Rob Speyer - Tishman Speyer
• Loan Type: Construction
• Market: Far Rockaway
• Capital One Letter of Credit: $91.4 million
• Project: Edgemere Commons B2
• Number of Units: 300

Key individuals in this transaction include Rob Speyer, who represents Tishman Speyer, the organization responsible for the affordable housing initiative. The financing supports the development through a combination of HDC loans and low-income housing tax credit investments.