Tishman Speyer has sealed $214 million of construction financing to develop a 100 percent affordable housing property in Far Rockaway, Queens, Commercial Observer has learned.

Capital One closed a $96.2 million letter of credit to backstop a loan provided by the New York City Housing Development Corporation (HDC) to support construction of the 300-unit Edgemere Commons B2 project. The bank is also purchasing low-income tax credits through a fund with hudson housing capital to fund the 17-story building spearheaded by Tishman Speyer’s affordable housing platform, TS Communities.

“This partnership on Edgemere Commons B2 underscores our community benefits plan commitment to addressing the affordable housing crisis by investing in safe, stable and sustainable housing,” Loretta Duffy, senior director at Capital One, said in a statement. 

TS Communities closed $214 million of total development financing, which includes a debt package that features a combination of tax-exempt bonds and subsidy loans from HDC and the New York City Department of Housing Preservation and Development through New York City’s New Construction Finance  Program.  The development, which will also feature 6,000 square feet of ground-floor retail, is slated for compilation in late 2028. 

Michelle Adams, senior managing director at Tishman Speyer, said in a statement that the financing marks “another important step forward in creating a vibrant, affordable neighborhood” in Far Rockaway. 

Located at 332 Beach 52nd Street, Edgemere Commons B2’s apartments will range from studios to three-bedroom layouts with 255 of the apartments set aside for households earning between 30 and 80 percent of area median income (AMI). The remaining 45 units will be designated for supportive housing to formerly homeless individuals that will be managed by Breaking Ground, a social service provider who also partnered with TS Communities for Building A2 in Edgemere Commons.

Edgemere Commons B2 marks the fourth of 11 planned buildings in the overall development that when completed will encompass more than 2,000 affordable apartments along with retail and community facilities.

The first 194-unit building sponsored by Arker Companies and Slate Property Group opened in 2024. Tishman Speyer’s TS Communities bought out the remaining development rights and developed the second and third buildings.

Andrew Coen can be reached at acoen@commercialobserver.com.