QUEENS, NY⁠—BRPCos.is seeking investors to provide joint venture equity financingfor the construction of a 24-story residential project located inthe Jamaica submarket. 

The 540,000-square-foot project will have 605 residential units,including 424 market-rate apartments and 181 mixed-income units aswell as 20,000 square feet of amenities.

The company has tapped JLL Capital Markets' Rob Hinckley, JeffJulien, Andrew Scandalios, Roland Merchant, Stephen Palmese, StevenRutman, Nicco Lupo and Rob Root for the transaction.

The project is located within an opportunity zone. The 10-yearinvestment horizon means the submarket will have time to furtherdevelop, which will allow for rent appreciation and value captureon reversion, JLL Capital Markets says. It will also be thebeneficiary of a 35-year tax abatement under the Affordable NewYork program.

The investor will also be able to participate in the secondphase of Archer Towers, which will add 432 units to the overallproject, including 130 additional affordable-housingunits.  Phase two is expected to begin construction in thesummer of 2021.

"Archer Towers represents the largest shovel-ready residentialrental construction site in New York City," Hinckley says inprepared remarks. "We are excited to discuss this investment withopportunity zone and traditional investors alike.

He also notes that Archer Tower is deemed 'essential,' andconstruction will begin immediately, even within current marketconditions.