**TS Communities Secures $166M to Begin Construction on Second Edgemere Commons Building in Queens**
TS Communities, the affordable housing platform of Tishman Speyer, has secured $166 million in financing to begin construction on the second apartment building at the Edgemere Commons development in Queens. Construction on the building, known as Edgemere Commons A2, is scheduled to begin in April.
This new structure will complete the first full block in the larger Edgemere Commons neighborhood, a 100% affordable housing project being developed in partnership with New York City and State housing agencies, as well as the Far Rockaway community.
Financing for the project is being led by New York State Homes and Community Renewal (HCR). Citi Community Capital is providing the letter of credit, and Hudson Housing Capital is managing the equity investment through the purchase of low-income housing tax credits.
Located at 337 Beach 52nd Street, the 18-story Edgemere Commons A2 will feature 244 affordable apartments. These units will range from studios to three-bedroom homes and will be reserved for households earning between 40% and 80% of the area median income.
