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BHI Provides $29.25MM Construction Financing to ZDJ Jamaica

June 09, 2023, 07:06 AM
Filed Under: Real Estate

BHI provided a $29.25 million loan to ZDJ Jamaica LLC. Funds from this loan will finance the construction of 138-45 Jamaica Avenue, located in Jamaica, Queens.

Upon completion, 138-45 Jamaica Avenue will be a seven-story ground-up mixed-use development comprised of 81 residential units, a retail space, and on-site parking. Thirty-percent of the units will be designated as affordable housing.

The 138-45 development is situated in the lively and culturally diverse community of Jamaica, Queens. This vibrant area boasts a rich historical background and is home to a bustling retail sector. In addition to its thriving retail scene, the property will benefit from its close proximity to various transportation options, making it a convenient hub for residents, retail customers, and visitors alike.

“The expert CRE team at BHI understood our needs and worked closely with us to facilitate a successful transaction,” said Jasper Wu, CFA.

“This transaction underscores our continued strategic focus on multi-family growth, and we welcome the opportunity to be a part of 138-45 Jamaica Avenue,” said Mimi Vu, FVP Head of N.A. Originations, BHI. "BHI remains committed to supporting continued property development and creating a positive impact in the areas we serve."

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