Real Estate

Shorewood Real Estate Group And Bridge Investment Group Close On $88M Construction Financing For Jamaica, Queens Development

by benzinga.com posted 8months ago 150 views
NEW YORK, June 22, 2020 /PRNewswire/ -- Shorewood Real Estate Group announced today that in partnership with Bridge Investment Group, the firms closed on an $88 million loan to finance the construction of 1 Archer Avenue Apartments in Jamaica, Queens. The construction facility was provided by East West Bank and a syndicate of lenders to construct the first development financed with Opportunity Zone Capital from Bridge and Shorewood. Shorewood's Opportunity Zone Fund was created shortly after the 2017 tax reform created Opportunity Zones, tracts of land across the United States that meet certain federal criteria to be considered "distressed communities."

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