Queens housing development gets $50M loan

Developer BRP Cos. and partner Macedonia African Methodist Episcopal Church have closed on $49.6 million in construction financing needed to build a mixed-use development with 143 units of affordable housing in Flushing, Queens, the city announced late Thursday afternoon.  Macedonia Plaza is a part of the city’s ambitious New Housing Marketplace Plan, which aims to create or preserve 165,000 homes by the end of fiscal year 2014. To date, 130,700 homes have been built or preserved, including over 12,519 units in Queens.  The project is one of two major developments that have been slated for downtown Flushing. The other is a proposed $850 million mixed-use project called Flushing Commons to be built on a 5.5-acre site owned by the city that is also home to a municipal parking lot.

Crain’s New York


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