Archer Towers II in Queens has secured multimillion-dollar construction financing. The development will feature modern amenities and include units reserved for affordable housing programs. The project’s financing combines tax-exempt bonds, government subsidies, and Low-Income Housing Tax Credit equity.
$303 Million in Construction Financing Closed for Archer Towers II
The New York City Housing Development Corporation (HDC) closed $303 million in construction financing for Archer II. The announcement was made alongside the NYC Department of Housing and Preservation and Development (HPD), Wells Fargo Bank, Wells Fargo Community Investment Holdings, and BRP Companies. The funds will support construction of the 400-unit mixed-income development.
Archer II is a 22-story, 353,000-square-foot housing development at 163-25 Archer Avenue in Downtown Jamaica, Queens. Construction is set to begin in Q1 2026 and will include modern amenities. The construction is anticipated to be completed by 2028.
“Wells Fargo is proud to support the next phase of Archer Towers, which will bring much‑needed affordable homes and meaningful community investment to Downtown Jamaica,” said Gregory Richards, Managing Director at Wells Fargo. “It’s a clear example of how public‑private collaboration can accelerate affordable housing and deliver lasting value to communities.”
As Phase II of Archer Towers, the project represents the city’s continued support for the development of the neighborhood. Archer Towers II is BRP Companies’ fourth major development in Jamaica.
Previous projects include The Crossing at Jamaica Station, Ruby Square, and The Monarch. Together, these developments have added more than 1,800 units to the neighborhood.
“As the city continues to face significant pressure on its housing supply, Archer Towers II represents a major investment in the future of Jamaica and its rapidly growing residential core,” said Andy Cohen, Managing Director of BRP Companies.
Details of the Development
Archer Towers II aims to deliver 400 mixed-income residences in Downtown Jamaica. The units range from studio to one- and two-bedroom apartments. These units are for those earning between 40% and 110% of the Area Median Income (AMI).
Of these, 60 residences are for formerly homeless households with light-touch services and are designated as OurSpace units. The development also includes several resident amenities, including a resident lounge, children’s playroom, gym, and coworking space.
The building will also feature 2,164 square feet of commercial space and 67 on-site parking spaces for residents.
Funding and Partnerships
For the funding, both public and private organizations have contributed to accelerating affordable housing development in NYC. It was Phase II of the Archer Towers project and was supported through a comprehensive financing package.
The New York City HDC issued tax-exempt bonds, and the New York City HPD contributed a subsidy to the project. Wells Fargo contributed as a letter of credit provider and the tax credit investor. This financing allows construction to begin on schedule.
“HDC is proud to partner on the financing of this development and thanks all our partners for their commitment to bringing more affordable housing and economic opportunities to the Downtown Jamaica neighborhood,” said NYC HDC President Eric Enderlin.
With construction starting in Q1 2026, Archer Towers II will expand affordable housing options in Downtown Jamaica, supporting the neighborhood’s growing residential community. The project is supported by a strong public-private collaboration, which underscores the city’s efforts to address its housing demand.
