The Real Deal New York

Alma Realty lands $60M financing for LIC resi towers

Financing from Deutsche Bank will accelerate plans for 404-unit development

August 03, 2016 05:45PM
By E.B. Solomont

Rendering of 34-45 Vernon Boulevard

Rendering of 34-45 Vernon Boulevard

Alma Realty Corp., which recently put plans for its massive Astoria Cove project on ice, has snagged $60 million in financing for a nearby residential development in Long Island City.

Deutsche Bank provided a $34.2 million construction loan for Alma’s planned residential project at 34-46 Vernon Boulevard, which will have two 17-story buildings, a swimming pool, gym, daycare and doctor’s office. The bank also provided a $23.6 million gap mortgage for the property.

Alma has owned the property since 2001, but the long-awaited development has incurred hiccups.

Once known as Alma Towers, the development was announced in 2010 and at that time was to include two 20-story towers. In 2014, plans were scaled back to 18 and then 17 stories.  The latest filings indicate the development will have a total of 404 units.

Alma did not immediately respond to a request for comment.

Last month, the real estate development firm put its massive Astoria Cove development on hold, citing a lack of 421a tax breaks. Recent reports, however, indicate that shaky finances doomed the project. Plans for the development included 1,700 residential units, 27 percent of which would have been affordable. Alma bought the site for $21.5 million in 2011.

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