Capital One Provides $91.4 Million Letter of Credit for Queens Affordable Housing
Capital One closed a $91.4 million letter of credit backstopping New York City loans for a 300-unit affordable housing tower in Far Rockaway, Queens, with completion slated for late 2028. The bank is also purchasing low-income tax credits through a Hudson Housing Capital fund.
Capital One closed a $91.4 million letter of credit backstopping a loan from the New York City Department of Housing Preservation and Development for Tishman Speyer's 300-unit Edgemere Commons B2 affordable housing project in Far Rockaway, Queens [1]. The bank is also purchasing low-income tax credits through a fund with Hudson Housing Capital to finance the 17-story development led by TS Communities, Tishman Speyer's affordable housing platform [1].
TS Communities secured $214 million in total construction financing, combining tax-exempt bonds and subsidy loans from HPD and the New York City Housing Development Corporation through the city's New Construction Finance Program [1]. The development at 332 Beach 52nd Street will include 6,000 square feet of ground-floor retail and is scheduled for completion in late 2028 [1].
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