Related Cos. Joint Venture Obtains $137 Million for Massive Queens Affordable Community

A joint venture including Related Cos. and Phipps Houses lands $136.5M in Fannie Mae bonds for the 619-unit Hunter’s Point South Commons in Queens.

By: AXL Media

Published: Mar 12, 2026, 8:16 AM EDT

Source: https://www.multihousingnews.com/

Strategic Refinancing and Permanent Affordability

The $136.5 million in Fannie Mae bonds essentially retires an identical previous loan, streamlining the capital stack for the partnership. Unlike many affordable housing projects that face "expiring use" crises, Hunter’s Point South Commons is bound by a regulatory agreement with the City of New York that enforces permanent affordability. This long-term commitment makes the asset a stabilized, low-risk core holding for institutional partners, even as the broader market grapples with the sunsetting of Low-Income Housing Tax Credit (LIHTC) restrictions elsewhere in the city.

A Master-Planned Waterfront Success

Hunter’s Point South Commons was the flagship of a massive multi-phase endeavor that stands as the largest affordable multifamily development built in New York City since the 1970s.

Residential Scope: 619 affordable units ranging from studios to three-bedroom floorplans.

Commercial Integration: 13,739 square feet of ground-floor retail.