Approximately 230 units of affordable housing is slated to come to Hillside Avenue in Jamaica.
Local Initiatives Support Corporation NY (LISC NY), a New York-based minority and women-owned enterprise, has partnered with MURAL Real Estate Partners, a privately owned real estate company, to develop the units.
LISC NY announced that the two organizations had been issued with a $24.7 million loan, with the funds to be used toward two projects on Hillside Avenue between 161st and 162nd streets. The loan was underwritten by the New York City Acquisition Fund, which provides flexible bridge loans to nonprofit or certified MWBEs for affordable housing development.
The loan funds will not only help go toward the development of 230 affordable housing units, but will also be used to develop 20,000 square feet of ground floor retail space. This space will be used for a variety of uses to serve the neighborhood, including a grocery store and diverse eateries.
“This investment into this vibrant and culturally rich section of Jamaica represents yet another opportunity to improve the lives of underserved New Yorkers and revitalize an underrepresented community,” LISC NY Senior Executive Director Valerie White said.
“Through our partnerships with diversely owned businesses and developers, like MURAL, we remain committed to advancing projects like Hillside Avenue that create sustainable and equitable neighborhoods, ensuring access to affordable housing and contributing to closing the racial wealth gap across New York state.”
The MURAL Hillside Avenue project will provide much-needed housing to one of New York City’s most diverse and fast-growing areas while also enlivening the Special Downtown Jamaica District.
MURAL Real Estate Partners prides itself on empowering emerging and underinvested communities like Hillside Avenue through the creation of transformative, mixed-use developments that activate the street to elevate the neighborhood.
“Our mission is to build prosperous neighborhoods that inspire innovation and cultivate growth within underserved areas,” MURAL Chief Executive Officer Robin Zeigler said. “We will add to the revitalization of the Jamaica, Queens community, providing economic empowerment through quality affordable housing and much-needed neighborhood-serving retail.”
This $24.7 million loan closing is one of the largest deployments of capital carried out by the New York City Acquisition Fund to date.
The closing of the loan was met warmly by local elected officials, including Queens Borough President Donovan Richards and Council Members James F. Gennaro and Nantasha Williams.
“The loan closing for the MURAL Hillside Avenue project represents a significant step forward in the continued revitalization of Jamaica,” Richards said. “The project will help address the serious need for affordable housing and will advance our efforts to support MWBE contracting. Jamaica will be an even better place to live, work and visit thanks to this important project.”
“This much-needed funding signifies an important investment in our communities and our residents,” Gennaro said. “I am confident this initiative will breathe life into two pivotal sites on Hillside Avenue, delivering not just 230 affordable homes, but also fostering a vibrant streetscape. I congratulate LISC NY and MURAL Real Estate Partners for the successful closing of this loan and for all the work they are doing to revitalize Jamaica.”
“I am thrilled to celebrate this milestone in our community’s development journey. The successful closing of this loan signifies a transformative step forward for Jamaica, Queens,” Williams said. “With approximately 230 affordable homes and vibrant street retail on the horizon, we’re not just building structures; we’re crafting the heart and soul of our neighborhood. This investment embodies our shared commitment to inclusive growth and underscores the power of collaboration in creating a brighter future for all residents. Today, we celebrate this project and hope to inspire many others like it through the ongoing development of the Jamaica Neighborhood Plan to revitalize this community.”
