Bowery Residents’ Committee (BRC) and Camber Property Group have secured $97 million in financing for Beach Channel Drive, an affordable housing development in Queens, Commercial Observer can first report.
The $97 million package includes a $33 million construction loan provided by Citigroup and a $40 million residential loan provided by The Department of Housing Preservation and Development.
The shelter will sit on a 36,490-square-foot lot. BRC will provide accompanying services to the purpose-built shelter for single women, including full-time security and maintenance staffs, on-site staff offices, social service programming space, a community room, outdoor recreational space, bike storage and a laundry room.
“This exciting project shows the Adams’ Administration’s wise and economical use of city resources to develop places of dignity where shelter and housing come together to effectively meet the needs of people experiencing homelessness,” Muzzy Rosenblatt, CEO and president of BRC, said. “This approach replicates BRC’s innovative Landing Road model that reinvests earned income from a shelter to create housing affordable to those with low incomes. We look forward to bringing it to fruition together with our partners at Camber Property Group.”
The Landing Road model is clinically based and provides both affordable and temporary housing opportunities for New Yorkers, with an overarching focus on recovery and community reintegration. The shelter will include 147 units, with 125 studio apartments and some one- and two-bedroom units.
“Providing a pathway for New Yorkers to secure permanent and stable housing is critical to addressing the most pressing needs of our city,” said Rick Gropper, co-founder and principal of Camber Property Group, “We’re thrilled to partner with BRC, an outstanding provider of transitional and supportive housing.”
Officials at Citi did not immediately respond to a request for comment.
Emily Fu can be reached at firstname.lastname@example.org.