**TS Communities Secures $166M in Financing for Queens Affordable Housing Development**
Tishman Speyer’s affordable housing division, TS Communities, has secured $166 million in financing and is set to break ground in April on its second residential building in the Edgemere Commons development in Queens.
The new building, known as Edgemere Commons A2, will complete the first full block of the Edgemere Commons project—a 100% affordable residential neighborhood being developed in collaboration with New York City and State housing agencies, as well as the Far Rockaway community.
Financing for the project is led by New York State Homes and Community Renewal (HCR). Citi Community Capital will provide the letter of credit, while Hudson Housing Capital will lead the equity investment through the sale of low-income housing tax credits.
Located at 337 Beach 52nd Street, the 18-story building will include 244 affordable apartments, ranging from studios to three-bedrooms. These units will be designated for households earning between 40% and 80% of the Area Median Income (AMI).
The development marks a significant milestone in Tishman Speyer’s commitment to expand affordable housing options throughout New York City.
