Shorewood Real Estate Group has inked a new mortgage on its Opportunity Zone project in Jamaica, Queens, after closing on an $88 million construction loan. The loan will finance a 320,000-square-foot, mixed-use development at 160-05 Archer Avenue. Shorewood acquired two vacant lots for the development in 2018 for about $19 million at an auction. The property is Shorewood’s first project in an Opportunity Zone, a federal program that awards tax benefits to investors in low-income
source https://therealdeal.com/2020/06/26/shorewood-scores-88m-construction-loan-for-first-opportunity-zone-project/
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