Wells Fargo’s Community Lending and Investment (CLI) has secured a $360 million financing for the Willets Point Phase 1A project in Queens, making it the largest 100% affordable housing development in New York City in over four decades. Led by The Related Companies and Sterling Equities, this collaboration will provide 880 units to low- to moderate-income residents of Queens. A portion of these units will be reserved for formerly homeless individuals. This first phase marks the beginning of a larger revitalization effort that aims to transform underutilized land into a vibrant community with amenities such as schools, hotels, and even an MLS soccer stadium.
As part of this financing deal, CLI acted as administrative agent on a $236.5 million construction facility and also provided a $123.5 million Low-Income Housing Tax Credit investment. Additionally, the City of New York has committed over $420 million towards supporting both housing initiatives and major site infrastructure improvements for this ambitious project.
This significant achievement by Wells Fargo demonstrates their commitment to providing affordable housing options in NYC while also spearheading transformative urban development projects that benefit local communities.
