Citigroup, Hudson Housing Capital Provide $166M Loan for Queens Housing Complex

Tishman Speyer has secured $166 million in construction financing to build Edgemere Commons A2, a 100 percent affordable housing property with 244 units in Far Rockaway, Queens, Commercial Observer has learned. 

Citigroup (C)’s Citi Community Capital provided the senior credit, an $80 million construction letter of credit, while hudson housing capital provided an equity investment by purchasing Low-Income Housing Tax Credits, funded by an investment from HSBC. The total financing package is being overseen and led by New York State Homes and Community Renewal (HCR). 

Tishman Speyer’s affordable housing platform TS Communities, which began operations in 2020, is spearheading the Edgemere Commons project, an 11-building multiphase development that has seen two previous residential buildings: a 194-unit development by the Arker Companies and Slate Property Group that opened in 2024, and a building developed by TS Communities that is expected to open later this year. 

All told, Edgemere Commons will deliver 2,050 apartment units upon completion in 2031. 

“We’re proud to start the next phase of Edgemere Commons, a development that has benefited from years of collaboration, care and community input,” said Michelle Adams, a senior managing director at Tishman Speyer. “We are grateful to all our local elected officials, as well as NYS Homes and Community Renewal for their hard work and commitment to this neighborhood.”

Located at 337 Beach 52nd Street, Edgemere Commons sits on the former site of Peninsula Hospital, which closed after Superstorm Sandy. The 18-story A2 tower being developed will hold units ranging from studios to three-bedrooms that are rented to people earning between  40 and 80 percent of the area median income (AMI), per Tishman Speyer. 

Of the 244 apartments, 73 units will be reserved for supportive housing that will be managed by Breaking Ground, a social service provider. Amenities within the building include a recreation room, a skydeck, a laundry room, green space, and on-site parking. 

“The project is another step forward in the city and state’s efforts to provide every New Yorker with quality housing that is affordable, with the services tailored to the specific needs of the tenants,” said Richard Gerwitz, Citi Community Capital director.

This is yet another large affordable housing project being developed by TS Communities. The firm is also building 160 Van Cortlandt Park South in the Bronx, a 339-unit, 100 percent affordable housing complex that will span 279,000 square feet. 

“By partnering with Tishman Speyer and our other community partners, we are taking on the housing crisis and ensuring that hundreds of families in Far Rockaway will have access to safe, affordable homes in a strong and vibrant community now and in the future,” said RuthAnne Visnauskas, Commissioner of New York State HCR. 

Brian Pascus can be reached at bpascus@commercialobserver.com